September 2020’s realty sales in Mumbai has outperformed the sales of September 2019. Magic figures from registration department revealed a 38% jump in realty sales in Sep 2020 than Sep 2019.
By Varun Singh
Realty sales in the city of Mumbai in September 2020, has outdone the September 2019 records.
This probably would come as a surprise for many, because the realty sector has been grappling many issues in year 2020.
Firstly the slowdown, then the pandemic which led to a complete lockdown for a substantial period.
During lockdown most of the construction sites had come to a standstill, many labourers had even walked to their hometowns.
Yet September 2020’s realty sales have recorded a jump when compared to September 2019. According to data available from the Department of Registrations & Stamps there’s a surge of 38% in realty sales.
In September 2019, 4,032 realty sales were registered, while in September 2020 a total of 5,597 sales were registered in Mumbai.
August 2020, saw a total of 2,642 realty sales being registered. Thus September 2020 witnessed a 112% jump in sales from August.
Also Read: Mumbai Realty Sales Jump 112% In Sep From Aug
Mumbai Realty Sales
| Year | Sales | Revenue |
| Sep 2020 | 5597 | Rs 180 crore |
| Sep 2019 | 4032 | Rs 347 crore |
| Sep 2018 | 5913 | Rs 433 crore |
| Sep 2017 | 5714 | Rs 442 crore |
| Sep 2016 | 4429 | Rs 287 crore |
One if notices, the sales in September 2020 is back to what it was in year 2018, and 2017.
There’s an obvious dip in revenue, but that can be attributed to reduction in stamp duty rates by government.
What led to the rise in figures in September, there’s one main reason to it. The stamp duty reduction by 3% till December 31, 2020, announced by sate government.
The rates have been reduced by 2% between January 1 to March 31 (2021).
Adv Vinod Sampat says, “Due to reduction in stamp duty deals are taking place now.”
Many held on registration in August, and registered the sales in September.
Also the deals that took place in June and July after unlock were registered in September, thus the rise.
“Stagnant deals of earlier months are now being registered.”
Adv Vinod Sampat
Though for realty sector that’s facing a crisis from many sides, September 2020 performing better than September 2019 is obviously a good sign.
Amidst the fear of Corona virus, the real estate industry feared that it will face another slowdown. However, things have turned otherwise as even prices have corrected.
Ashok Mohanani, President Elect, NAREDCO – West said, “There was always a pent up demand for homes and COVID 19 has made fence sitters realise that only your home is the safest place to be and one can efficiently work from home.”
“Prices have corrected and investment in property is much more safer than Mutal Funds, etc.”
Ashok Mohanani, President Elect, NAREDCO – West
Not just Mumbai, but even the state witnessed a huge jump in September 2020 compared to September 2019.
This year in September 1.19 lakh sales were registered in Maharashtra, while last September it was only 80,349 sales.
