November 2020 hasn’t just broken the record when it comes to realty sales, but also it has registered highest ever rental deals since the year 2012.
By Varun Singh
November 2020 can easily go as the best month for the real estate market. While it saw the highest number of sales being registered since the year 2012.
A research by SquareFeatIndia a real estate news website shows that since the year 2012, November 2020 has registered the highest rental deals in the city of Mumbai.
Rental deals registered in November 2020 stood at 20,505, which in November 2019 was 18,842 only.
|Year Leave & License (physical) Leave & License (e-registration) Total|
|Nov 2020 2749 17756 20505|
|Nov 2019. 4622 14220 18842|
|Nov 2018. 3808 11643 15451|
|Nov 2017. 6020 11105 17125|
|Nov 2016. 5942 4919 10861|
|Nov 2015. 6940 2313 9253|
|Nov 2014. 11062 22 11084|
|Nov 2013. 8646 0 8646|
|Nov 2012. 6489 0 6489|
According to data accessed from the Department of Registration & Stamps, the number of registration in the rental market has increased drastically,
In November 2020, the number of sales that took place stood at 9,301, this was the highest again since 2012.
Rental deal registration has shown a peculiar trend too. If one notices, then will realize that the number of e-registrations has increased drastically.
In the year 2014, a total of 22 rental deals were carried out via e-registrations, while 11,062 were physical registration.
However, as days passed registration of leave and license moved from physical to online.
In the year 2017 for the first time e-registration took over the physical registration. In 2017 November, a total of 11,105 rent agreements were registered online while 6,020 were carried out via physical registration.
November 2020 is special in many terms for real estate market, especially it has proved that real estate market can survive and do well even in the pandemic year.
Research shows that, real estate not just did well but even broke all its previous records in November 2020.
The year started good for the realty industry, but with the pandemic, there was a month of April where not a single sale took place.
In April only 27 rental agreements were registered in the city of Mumbai that too online. The registration offices were shut because of COVID 19 led pandemic.
Coronavirus was not just impacting human life but also impacting the economy and realty market too.
The biggest boost that the real estate market received in this pandemic was the stamp duty cut announced by the government.
Apart form this the freebies that developers gave to homebuyers that added to the benefit of the homebuyer.
In the rental market too, landlords realized that it was better to have a tenant at less a rent than earn nothing by sticking to higher rents.
A real estate broker from western suburbs said, “There were rent waivers and even a freeze on rent at certain posh localities. Landlords were flexible and readily offering discounts this helped the leave and license market revive.”
Not just residential but even in commercial rental market landlords were offering good discounts, which helped them get tenants even in the current situation.
The figures clearly indicate that the realty market has started moving towards recovery and soon be on its feet running with pace.