Commenting on the city’s performance, Khetsi Barot, Director, The Guardians Real Estate Advisory said, “The upward trend is encouraging for developers and investors, who can anticipate a thriving market and continued growth in the future. Despite challenges, Pune’s real estate market has shown resilience and strength, and the city is in an exciting period. The market will flourish in the coming months and years if growth continues.”
Despite the challenges posed by higher home loan interest rates and rising property prices, the outlook for the Pune real estate market remains positive. There is strong demand for housing from first-time buyers and those looking to upgrade their living arrangements, which is likely to keep the market buoyant. Ongoing infrastructural improvements in the city and the availability of jobs are also expected to support the market.

Also Read: Colliers India transacts office space equivalent to 100,000 sq. ft. for Tablespace in Pune

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By Varun Singh

Since last two years we have been giving you exact number of realty sales that take place in Mumbai every month.

However, November month’s realty sales were delayed but we have got them now and it is a decent number.

Yes, the number of realty sales in November is less than that of October, but it’s better and in par with many other months of this financial year.

In October Mumbai witnessed a sales of 8,576 units, generating ₹550 crore.

Where as in September the number of sales in Mumbai was 7,804 units which generated ₹529 crore.

In August sales stood at 6,784 unit and revenue generated was ₹420 crore.

In July ₹566 crore was generated with registration of 9,822 units.

In June it was 7,856 units that was registered and revenue generated was ₹420 crore.

In May the number was the lowest up till now, it stood at 5,360 units generating a revenue of ₹268 crore.

April saw the highest number of sales this financial year up till now the figure stood at 10,135 units being registered generating a revenue of ₹514 crore.

In November month that total sales registered with the registration department stood at 7,582 generating a revenue or ₹549 crore.

When asked Shravan Hardikar, the Inspector General of Registration about November performance he said, “October did well but November also was above average. Plus there were 10 holidays in November.”

The best way to gauge how realty industry is performing it to check the sales that gets registered with the registration department.

Even though there was a lot of hullabaloo about November not doing as good as October, if one check the average it has performed well.

While July generated the highest in terms of revenue, ₹566 crore, October generated ₹550 crore and November’s revenue is pretty close with ₹549 crore via sale registration.

Sales haven’t dipped, in October there were many registration also because of the festive season, where many homebuyers rushed to cash in on the discounts too and the pent up demand was also huge.

In April, till July there were many registrations of which stamp duty was paid before March 31, as the government had provided a discount and allowed homebuyers to register the sale within 4 months.

However, in many month this financial year too, Mumbai city has surpassed the figures of the pre pandemic days.

So realty isn’t doing bad instead it’s in good shape and we are saying this based on the data.

Also Read: Harsha Bhogle’s Son buys a Flat for Rs 6.67 Crore

The post In November how many homes were sold in Mumbai? appeared first on Square Feat India.

By Varun Singh

Latest ANAROCK data indicates that amid stamp duty cuts and developer discounts and offers over the last one year, key South-Central Mumbai localities have shed at least 10% of their total unsold inventory. As many as 10,700 units are currently available for sale in this region; in the same period a year ago, approx. 11,900 units were available for sale.

1,910 units have been sold in South-Central Mumbai localities over the last one year (Q4 2020 to Q3 2021) – at least 86% more than in the corresponding period a year ago (Q4 2019-Q3 2020).

• 10,700 housing units are currently available for sale in this region
• Of total available stock, maximum availability (29%) is in homes sized 1,500-2,000 sq. ft. carpet area; followed by 23% each in sizes 1,000-1,500 sq. ft. and 2,000-3,000 sq. ft.
• Bigger properties sized 3,000-4,000 sq. ft. & >4,000 sq. ft. area have least available stock – 5% & 2% respectively 
• Approx. 25,660 units have been launched b/w 2013 till Q3 2021 in South-Central micro-markets includingWorli, Prabhadevi, Mahalaxmi, Tardeo & Lower Parel, among others
• In last one year (Q4 2020-Q3 2021), 1,910 units have been sold in South-Central Mumbai – at least 86% more than in the corresponding period a year ago (Q4 2019-Q3 2020)

Altogether, approx. 25,660 units were launched in South-Central Mumbai micro-markets between 2013 till Q3 2021. The top localities for new launches includeWorli, Prabhadevi, Mahalaxmi, Tardeo, and Lower Parel. As for the housing sales, over 17,210 units have been sold in these localities in this period.

Anuj Puri, Chairman – ANAROCK Group says, “The Maharashtra government’s limited-period stamp duty cut had a major positive impact on MMR’s residential market, including in hyper-expensive luxury locations. Residential sales went up significantly over the year. Despite seeing maximum new supply among all top 7 cities in this period, MMR also shed at least 8% of its unsold stock – from 2,08,250 units as on Q3 2020-end to nearly 1,92,050 units as on Q3 2021-end.”

HNIs sought to make the most of the developer offers and discounts along with the stamp duty cut, causing South-Central Mumbai localities to witness a decline of at least 10% in their unsold stock. The stamp duty cut alone helped buyers save at least INR 12 lakh on a property worth INR 4 Crore, and the saving increased in tandem with the average property cost. Moreover, this clientele was the least affected by the pandemic. Buyers largely scouted for ready homes or those nearing completion.

Available Stock Sizes
Currently, approx. 10,700 units are available for sale in the South-Central Mumbai localities. These are of varied sizes and are priced from INR 4 Crore upwards, depending on size, location, and amenities on offer, etc.

• Of the total available stock, maximum availability (29%) is of homes sized anywhere between 1,500-2,000 sq. ft. (carpet area)

• At least 23% of the available stock (approx. 2,460 units) are sized between 1,000-1,500 sq. ft., and there is similar stock of units sized 2,000-3,000 sq. ft. (carpet area)
• Larger properties with a carpet area of 3,000-4,000 sq. ft. have a mere 5% share of the total available stock (approx. 535 units)
• Properties sized over 4,000 sq. ft. have least available stock – 2%, or approx. 215 units.

Also Read: Indian Economy & Residential Real Estate – The Narrative in Charts

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By Varun Singh

October heat is what October is known for however, October 2021 is also going to be known for breaking reality records.

Till Monday evening Mumbai city had witnessed more than 6400 sales, which is way higher than the sales recorded in the month of October 2019.

in the year 2020 October month had registered 7928 sales but the main reason behind it was the stamp duty discount.

Last year the government of Maharashtra scheme of the stamp duty discount be home buyers registering their home purchase between September 1 till December 31, 2020 when given at 3% discount whereas home is being registered between January 1 to March 31, 2021 received a 2% discount on stamp duty.

Last October it was this stamp duty discount that made a bumper sale registration in the city of Mumbai.

In October 2019 the total sales registered in Mumbai city stood at 5811. However, this month till Monday evening the sales had already crossed the 6400 mark.

So what is it that is aiding the realty sales in the month of October in Mumbai, obviously it is not the stamp duty discount because there exist none.

The main reason is the pent-up demand which came out due to festive discounts.

The second wave of COVID-19 had put people on a back foot who wanted to invest in real estate because the primary focus was on health and the medical expenses.

However, with with the number of patients going town and government relaxing the restrictions people have started coming out.

Attract these fence sitters, the real estate community came up with lots of discounts during this festival season.

Normally, home buyers also expect a lot of discounts during festival seasons and many people invest in real estate in this period only.

Apart from discounts the interest rates are at the lowest at present in the country banks are also offering various offers to homebuyers.

The pent-up demand when amalgamates with the festive offer as well as the low interest rates home buyers who have been wanting to invest in real estate have come out and started buying homes which reflects in the registration figures of Mumbai city.

while there is still one week for the registrations for the month of October in Mumbai already October sales have crossed the October 2019 mark and seems like it may be close to or probably more than what October 2020 had registered in the city of Mumbai.

Good number of sales means good news for the real estate industry because the real estate industry was one of the worst affected industry during the Covid 19 led pandemic.

Many developers are giving various discounts which also is attracting homebuyers.

Developers if want to continue with this festive bonanza sales they will have to stick to the prices because no rise in home prices is one of the main reason why homebuyers are investing in real estate.

Also Read: No Stamp Duty to Vouchers worth Lacs Builders offer festive discounts to lure homebuyers

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By Varun Singh

In September 2021 Mumbai witnessed a huge rise in number of home sales.

Yes, trust us, because this is based on raw data, available not from any agency but from the government itself.

In September 2021, Mumbai sold almost 2k more homes that it sold in September 2020.

Why the September 2021 figures matter because in September 2020, the state government had announced a stamp duty cut because of which several homebuyers had rushed to register the homes.

In September 2020 a total of 5,597 sales was registered in the city.

The number of homes sold in September 2019 which was pre-COVID-19 era, stood at 4,032. In comparison to 2019 and 2020, 2021 saw a huge jump.

In spite of COVID-19 second wave, and a lockdown and with restrictions being lifted gradually, Mumbai was able to sell a huge number of homes.

In September 2021, a total of 7799 homes were sold, generating a total revenue of Rs 528.94 Crore.

This is one of the highest in the last one decade for the month of September.

Meanwhile, up till now, the highest number of home sales witnessed by city was in March, when 17,728 registration took place.

The reason for this huge number was because the stamp duty concession was coming to an end in March.

Apart from this, August saw 6,784 home sales, while the registration figures stood at 9,822 in July.

In June it was 7,856 home sales that the city witnessed as per the registration figures made available from the government’s Department of Registration and Stamps.

According to Anand Gupta, Chairperson, Housing and RERA Committee of Builders Association of India, said, “As economy is opening and things are improving on every economic front. September 2021, saw more sales compared to September 2020, in spite of no stamp duty incentive. It is a true reflection of growing economic activities including real estate.”

Also Read: Sales down, real estate impacted due to Coronavirus

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By Varun Singh

Developers across the city and state have been asking the government to once again announce the stamp duty cut, which they felt had improved the sentiments of homebuyers.

Earlier this month, the developers’ community had even written to the government to reduce the stamp duty.

A recent survey now has revealed that even homebuyers feel ‘stamp duty cut’ can improve homebuying sentiments.

Reduction in stamp duty can improve buyers’ sentiment; More than 80% of prospective buyers say they would purchase a house if stamp duty charges are cut, reveals Magicbricks Consumer Poll.

The sruvey revealed that, reduction of stamp duty by their respective states can influence them to buy a house.

Property registration and stamp duty charges range between 5%-9% on an average across the country and add significantly to the overall cost of the property and also act as a deterrent for many first-time home buyers.

But ever since the outbreak of the pandemic in 2020, state governments like Maharashtra and Karnataka have already taken the lead in cutting stamp duty.

In the latest poll conducted by Magicbricks, an overwhelming 83% of the respondents feel that a cut in stamp duty would prompt them to buy a house, while 17% feel that it would have no impact on their purchasing decision.

“We have witnessed a 114% rise in housing sales in Maharashtra during the period of stamp duty cuts, between September 2020 and March 2021. But ever since the expiry of the stamp duty period, we are seeing a dip in sales. This is contrary to the constant rise in demand for housing and home loans that we are witnessing on our platform. With Work-For-Home emerging as the new normal, people are looking for bigger size houses with an extra room and hence the state governments should consider offering stamp duty holidays that would lessen the burden on homebuyers.”

Sudhir Pai, CEO, Magicbricks

Last year, the Maharashtra government had rolled out concessions in stamp duty for sale transactions, following which, it became the first state to reduce the stamp duty charges in two slabs.

This resulted in a significant rise in the number of property transactions and subsequent registrations in the state. Many real estate bodies and groups have been advocating for stamp duty subsidies and more states are expected to follow Maharashtra’s stamp duty model.

To boost real estate, the Karnataka government had also reduced stamp duty charges to 3% from 5% for properties priced between Rs.35 lakh and Rs.45 lakh.

Thereafter, the Delhi government slashed the circle rates by 20% to reduce the financial burden. Various bodies suggested that state governments reduce the stamp duty charges to boost the real estate sentiments and thereby boost realty sales in their respective states.

With the second wave of COVID 19 impacting the real estate sector, many stakeholders are looking at the state governments to help them come out of these difficult times.

Also Read: Will Govt Reduce Stamp Duty To 2% From 5%?

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By Vrim Singh

With property registrations and revenue collections in May down by approximately 70% as compared to March, the real estate industry is looking for options to increase sales.

CREDAI MCHI has written three separate letters to Chief Minister Uddhav Thackeray, Deputy Chief minister Ajit Pawar and Revenue Minister Balasaheb Thorat.

The developer’s body has urged the State Government to reduce the Stamp Duty charges back to 2% in Mumbai till March 31, 2022, stressing on the slowdown in housing sales and drastic reduction in stamp duty revenue collections for the State Government.

CREDAI MCHI believes that this downward trend in real estate sales is set to continue with numerous genuine buyers sitting on the fence due to higher transaction costs, adversely affecting not just the Real Estate industry and its 250+ ancillary industries but also slowing down the momentum of the state’s economic revival in the post COVID era.

The decision to reduce the stamp duty in August 2020, had brought the Real Estate sector on its path of recovery, with record breaking number of
transactions and revenue collections for the Government up until April, which witnessed a spill over effect owing to transactions from earlier months.

However, the move to not extend the stamp duty rebate beyond March and the outbreak of the second wave has led to extremely subdued homebuyer
sentiments as well as decreased collections for the authorities, with both Property registrations and stamp duty revenue collections down by 70% in May as compared to March, signifying the importance and need of a cut in stamp duty charges to re-galvanize the economy.

Deepak Goradia, President, CREDAI MCHI, shares his comments “The Real Estate sector in Maharashtra and more specifically in Mumbai, was thriving on the back of the stamp duty rebate announced by the State Government in August. CREDAI MCHI had requested for an extension of the reduction beyond March to ensure that the momentum of this industrial and economic revival stays on its tracks. However, in the last couple of months, we’ve seen a steep downward trend in enquiries and sales, hampering not just the steady progress made by Real Estate but also the 250+ ancillary industries which come into play due to industry’s strong multiplier effect. It is now imperative that the State Government realizes the need for a stamp duty rebate to enhance homebuyer sentiments and also increase its own revenue collections which have taken a massive hit in May.”

The developer’s body also recommends stamp duty rate be brought down from 6% to 3% in other regions of Maharashtra.

Now it is up to the state government to decide whether it would reduce the charges or not.

Also Read: Reality Hits Realty Sector Hard, Sales See 50% Dip

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By Varun Singh

If there is any barometer to gauge how Mumbai city’s real estate market is performing then it is the registration figures.

And seeing t he figures from registration department for Mumbai, there’s some bad news.

Starting September 2020 till April 2021, property Mumbai saw properties being sold and registered in good numbers.

Till mid of April 2021, more than 3000 properties were already registered. In January, February, March and April more. than 10,000 properties were sold and registered.

However, in the 11 days of May, only 1,426 properties were registered in Mumbai. This is one of the lowest after a pretty long time.

The city saw a huge jump in property registration after, the state government had announced a stamp duty cut.

In the last week of August 2020, the state government had announced a stamp duty cut. It was 3% cut from September 2020 to December 2020 and from January 2021 to March 2021 the cut was that of 2%.

The real estate industry was almost pleading with the state government to continue with the stamp duty discount. However, from April 1, 2021 stamp duty was brought back to its original rates.

Except for 1% stamp duty discount for women homebuyers.

Meanwhile, Mumbai along with other part of the state has also been witnessing heavy restrictions since April, after the state saw a surge in the COVID 19 positive patients.

According to Anand Gupta, Chairperson, Housing and RERA Committee, Builders Association of India, the main reason behind less properties being registered is the government taking away. the discount.

Gupta said, “Once again the property registration numbers has drastically come down mainly because sudden lock down on all economic activities and more particular to capital goods. Secondly all incentives of reduction in stamp duty also got over at end of March.”

Even in the 1,426 properties that got registered in the 11 days of May, there are many which would be from the month of March, where the. government had allowed homebuyers to pay stamp duty and register within a fixed period later.

With the second wave of COVID 19 hitting the country hard, the real estate industry is also expected to feel the pinch. However, in the last few months the real estate industry has performed exceptionally well.

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

The post Mumbai Sees Decline In Home Sales 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

April 2021, has managed to record itself as the best April month for the real estate industry since 2013.

Till Thursday Mumbai city had registered sales of a total 9,549 units.

This is the highest ever sales in any of the April months since 2013.

It is expected that by Friday evening the last day of the April 2021 month the sale would touch 10,000. units.

This would be more or less the same figures that the city witnessed in January and February 2021.

In January 2021, the sales registered in the city was 10,411 units, while in February it was 10,172 units.

In March the sales figure stood at a might 17,728. The high sales figures inn March 2021 was attributed to the ending of the stamp duty cut period.

The state government of Maharashtra in August 2020 had announced a stamp duty cut of 3% till December 2020 and from January 2021 till March 2021 the cut was 2%.

It was because of this that December 2020 witnessed the highest ever sales recorded in the history of real estate industry of Mumbai. The sales in December 2020 stood at 19,581 units.

The registration figures are slowly seeing a decline. The main reason being that from April 2021, the state government brought back the stamp duty as it was earlier.

From April 1, in a city like Mumbai one has to now pay 5% stamp duty for registering the flat purchase.

While a woman homebuyer has. to pay 4% stamp duty.

The another reason for April month to see high registration is also the spill over from March. Many homebuyers had paid the stamp duty before the March deadline and then in April they registered the sale.

Also Read: From April 1 Mumbaikars To Pay 5% Stamp Duty

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