Mumbai sold more real estate in September than it sold in March 2020. The number of sales in September is more than the combined sales in July and August too.
By Varun Singh
This probably could be counted as a sign of ‘acche din’ for real estate industry in Mumbai. After a slump due to the COIVD 19 virus, real estate sales witnessed a rise in September.
Mumbai city saw 5,597 sales being registered with the Department of Registration & Stamps in September.
In August 2,642 sales were registered thus a jump of 111.8% in realty sales in September.
September sales are way higher than the number of sales registered in March 2020, which stood at 3,798 registrations.
The September figures are more than the combined total of sale registrations that took place in August and July too.
In August, 2,642 sales were registered, while in July 2,662 sales took place. This adds up to 5,304 sales, which is 293 sales less than September.
While the number of sales has gone up in September, the revenue from registrations saw a decline.
Mumbai from Conveyance (Sales) generated Rs 180.34 crore in form of revenue from registrations in September.
In March the revenue generated via sales was Rs 304.93 crore, in August it was Rs 176.39 crore, and in July the revenue from sales stood at Rs 214.28 crore.
The main reason for the low revenue can be attributed to two reasons, first, the stamp duty rate cut.
From September 1, the stamp duty in Mumbai was reduced to 2 per cent from 5 per cent.
Second reason which would have a marginal impact was the ready reckoner rates being reduced by 0.60 per cent in the city.
Yashika Rohiira of Karma Realtors, attributes the rise in number of sales to the reduced stamp duty in the city and the state by government.
“During the last quarter the market saw a price correction and a reduction in the stamp duty. This has encouraged end users and investors to take advantage of the situation and book their profits. Also, transactions that were confirmed, from last week of August to mid September, were registered after pitrupaksh ended.”
Yashika Rohiira, Karma Realtors.
In September, 17,215 documents of Leave and Licenses (eRegistration) were registered too, generating a revenue of Rs 2.60 crore.
Meanwhile, everyone sees this figures the way they desire to, for builder community it surely is a good sign.
After the pandemic hit the country, the lockdown ensued no sales in April. In April only 27 leave and license e-registration took place in Mumbai.
In May, 207 sales were registered in the city generating Rs 16.37 crore revenue vie registrations.
June saw 1,839 sales being registered in Mumbai, which helped the city generate a revenue of Rs 153 crore,
Realty expert Dr Sanjay Chaturvedi says, the sales are not majorly fresh sales.
“This sales are nothing but documenting past investments, there is hardly any new sales. This is backlog and investors are now making their money safe.”
Dr Sanjay Chaturvedi, Realty Expert.
Not just Mumbai, sales have gone up even in the state too.
Across Maharashtra a total of 1.19 lakh sales were registered, generating a revenue of Rs 763 crore.
In August the revenue generated was Rs 815 crore from 82,100 sale registrations across the state.
