By Varun Singh

The definition or Acche Din is different for everyone, but the meaning is same for all. 

After the second wave of COVID 19 hit the city; the economic activities came to a standstill. 

However, restrictions are being eased and path being paved for common citizens to step out. 

This will surely impact the economy positively but at the same time the real estate industry is all set to gain. 

Real estate mostly depends on sentiments, when the sentiments aren’t good the sales plunge, and when the sentiments are positive the sales see a hike.

The reason why the industry believes Acche Din are on their way, because of the sentiments being that of a opening up of the city, which has seen some of the strictest restrictions in the country.

The city that use to be tagged as a city that never sleeps, saw most of its activities coming to a standstill. 

The sales across Mumbai in the initial 10 days of August as per registration figures had crossed the 1844 mark. This compared to last month’s total figure of 9800 is pretty less. However, industry experts say registration figures will see a jump in a few days.

Karma Realtors Yashika P Rohiira explains why she sees  good days ahead, “With the new unlock regulations, we are hoping for markets to pick up. Even though the registration figures show otherwise, there are clients scouting for purchase and lease properties. The market might not be in a registration phase, but we are in the exploration phase, where buyers are inspecting properties and are expecting discounted rates. With the new relaxations and trains to begin for public, offices will also start with 50% capacity and that will bring back the lease segment rolling.”

With offices opening up, not just sales but even leasing activities is expected to go up.

Developer and Head of RERA Committee of Builders Association of India Anand Gupta also is of the opinion that the relaxation will benefit the city’s real estate market.

“Once all relaxation’s in opening up economic activities is done, sentiments of people will change. A boost in all economic activists will follow automatically more particularly in the real estate industry,” said Gupta.

From August 15, those who have completed 14 days period post both their COVID 19 vaccine doses shall be allowed to board the local train. 

Also Read: MHADA features Prominently in MahaRERA’s Expired Projects List

The post Acche Din for Mumbai’s Real Estate? appeared first on Square Feat India.

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.

Also Read: Mumbai Largest Contributor To Sales In Q3 2020

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