e-Registration of rental agreement which stood at 12 in Feb 2014 has grown to 21,500 in Feb 2021. More tenants and landlords are opting for e-Registration over physical registration.
By Varun Singh
e-Registration is the new norm when it comes to registering of rental agreement.
In Feb 2014 the number of rental agreements registered online stood at a mere 12.
The number of e-Registration of rental agreements grew to 21,500 in Feb 2021.
This is the second highest ever e-Registration of leave and license agreement in the recorded history of Mumbai’s real estate market.
The most number of e-Registration of leave and license agreement was in December 2020.
In the month of December 2020 a total of 22,438 rental agreement were registered online.
|Year||e-Registration of Rent agreements|
If attention is paid to the details, then since 2016, the number of online registrations of leave and license agreements begun showing rise.
But why is the number of online registration of leave and license going up?
Yashika Rohiira of Karma Realtors says, convenience is the most important reason why people opt for e-Registration of rental agreements.
“In online registration the agent comes to the home of the tenant or the landlord with the laptop and the required machines. There exists already a format, it is available in soft copy and once filled can be uploaded easily online,” said Yashika.
Meanwhile, the rental market has performed better in the top luxury market.
Amidst various industry reforms in the last seven years, multiple new trends emerged in the Indian residential real estate market. Strikingly, housing rentals in key luxury markets saw better y-o-y growth between 2014-2020 than average capital prices in the same localities.
Anuj Puri, Chairman – ANAROCK Property Consultants says, “The average rentals for a house of minimum 2,000 sq. ft. size in the top 7 cities’ key luxury hotspots rose anywhere between 17% to 26% in 2020, as compared to 2014. In the same period, average capital prices in these micro-markets saw a maximum rise of 15% – and some even saw a marginal dip.”
|Avg. Monthly Rentals: Top Luxury Markets (For 2,000 sq. ft. area)|
|City||Micro Market||2014 (INR)||2020 (INR)||% Appreciation (2020 vs 2014)|
|NCR||Golf Course Ext. Rd||42,500||50,000||18%|
|NCR||Golf Course Rd||60,000||70,000||17%|
“ANAROCK data also reveals that from 2014 to 2020, rental prices in the top luxury markets saw consistent y-o-y growth – averaging between 3-6% annually.”Anuj Puri, Chairman – ANAROCK Property Consultants
According to ANAROCK in 2017, various structural reforms like RERA and GST were implemented. After this period, most localities only saw a marginal capital price rise averaging between 1-3% – while rental markets continued their growth run.
Also Read: Builders To Sell Homes Online.