By Varun Singh

The Financial year of 2021-22 will end in 10 days from now.

Real estate industry has some good news to end this month of March.

The month of March which also is the financial year end; has seen more home sales getting registered than that of the entire November month.

Before we go to the figures of November and March let’s see how did the other months of this financial year perform.

Let’s start with April 2021, in the first month of FY-21-22 a total of 10,135 sales were registered generating ₹514 crore.

In May the impact of COVID 19 second wave was clearly visible where only 5,360 sales were registered generating only ₹268 crore.

June month saw a total of 7,856 home sales registration with a revenue generation for the stamp duty office worth ₹420 crore.

July was better, where 9,822 sales got registered the revenue generated was ₹566 crore.

August, September, and October saw 6,784, 7,804, and 8,576 sale registration while revenue generated was ₹420 crore, ₹529 crore, ₹550 crore respectively.

November saw a dip compared to October where 7,582 sales were registered in the month generating a revenue of ₹549 crore.

December month generated a revenue of ₹758 crore via 9,681 sales.

January saw 8,155 sales generating a revenue of ₹478 crore.

February till date has performed the best when it comes to sales registration in the entire FY 21-22. A total of 10,379 sales were registered in February generating a revenue of ₹614 crore.

November months had witnessed a total sale registration of 7,582 as mentioned above, in March while 10 days still left the city of Mumbai has already witnessed 7,585 home sales.

The revenue generation in March via these 7,585 home sales is ₹461 crore.

In the coming 10 days it is expected that the figure will cross February sales too.

The main reason behind this rush many say is the increase being reported in Stamp duty and ready reckoner. Stamp duty will increase because of the new cess coming in.

Hence, many homebuyers are rushing their sales registration so as to save their money.

Also Read: Romesh Sobti sold a flat for Rs 41.32 Cr which he had bought in 2020 for Rs 38.15 Cr

The post March yet to End but already Sold More Homes than Nov appeared first on Square Feat India.

By Varun Singh

Within a month the state government earned almost similar amount that it earns in a year from registration of sales.

According to data accessed by SquareFeatIndia the state government in the month of March 2021, collected Rs 9,066 crore from registration of properties. The data is for entire state.

This is the highest ever revenue generated by the state government in a month via registration.

The revenue generated in March 2021 can put the entire 2020 year to shame. In 2020 for the 12 month the state government generated a revenue of Rs 11,682 crore.

In March the biggest draw for homebuyers and developers to register was the end of the discount on stamp duty.

The state government in August 2020 came out with a stamp duty cut. This stamp duty cut for the period of September 2020 till December 2020 was 3%. Between January 2021 till March 2021 it was 2%.

The March 2021 collection even overshadowed the December 2020 collection when the biggest stamp duty cut came to an end.

In December 2020, the revenue generated stood at Rs 2,213 crore, which is the highest in the year 2020. But it looks timid in front of March 2021 when the state generated almost five times more than December 2020.

March 2021 was the only March since 2013 which generated such high revenue for the state government.

From April 2021 the state government brought in force the earlier stamp duty rates. Except for women homebuyer who during registration will get a 1% discount.

In April 2021 the state government generated a revenue of Rs 1,256 crore which is almost eight times less than. March 2021.

Also Read: April 2021 Is the Best April For Real Estate Since 2013

The post In March 2021 Alone State Collected 9K Crore From Registration, In Entire 2020 It Was 11K Crore appeared first on Square Feat India.

By Varun Singh

How does one judge the real estate industry’s pulse, whether it is doing good, or performing bad, it is the sales figure.

In December, Mumbai’s real estate industry has already set a record, it witnessed a total sales surpassing the 19K mark.

In the 16 days of March, sales in Mumbai have crossed 7K units.

To be specific the number of sales registered as per data from Department Of Registration and Stamps till March 16 in Mumbai stood at 7004.

On March 16, the single day sales stood at 657 units.

In the month of February the sales stood at 10,721 units and in January it was 10,412 units.

Developers believe that Mumbai sales will see new high. All are attributing the high in sales to the stamp duty cut.

Manju Yagnik, Vice Chairperson (Nahar Group) and Sr. VP NAREDCO (Maharashtra) says, “The stamp duty cut by the state government has been good support for the developers, and end-users are flocking to the market to take advantage of this waiver. The recent waiver of an additional 1% reduction for the women buyer has also contributed to clocking record sales in the first two weeks of March, and the trend is going to continue till the end of this month. Developers are introducing new projects offering 1, 2 & 3 BHK convenient homes in the market for the buyers to take advantage of reduced stamp duty now available for a limited period.”

“We expect this momentum of property registrations to continue and perhaps even increase given that the stamp duty rates are expected to return to 5% in a fortnight. This is in line with the past few months wherein we’ve seen significantly higher demand for homes on the back of the pandemic which has transformed homebuying patterns amidst a host of other behavioural changes. Homebuyers are now more keen to buy instead of renting and are prioritizing real estate investment over other asset classes as a consequence. This very sentiment has proved to be a boon not just for developers but also for other allied industries and we project that this upward trajectory in terms of demand and sales to continue beyond March as well.” 

Deepak Goradia, President, CREDAI MCHI

Aditya Kedia, Managing Director – Transcon Developers, said, “Sales in the real estate market will be relatively buoyant for the next 15 days because of the state government’s scheme of charging only 3% of the property value as stamp duty. Thereafter, I see a slight lull for one or two months, but thereafter the sales shall pick up again. The pandemic very well taught everyone the value of owning a property and thus we could well see a rise in unit sales once the lockdown was over. All in all, the real estate market after seeing a grim phase for three years, is looking at a positive note for 2021 and 2022.”

Also Read: Feb 2021 Sells 10172 Units, In Feb 2020 It was 5927

The post With 7K Sales In 16 Days, March To Set A Record? appeared first on Square Feat India.