Registration of residential properties in Mumbai region up 36% in Oct : Report

The registration of residential properties in Mumbai Metropolitan Region (MMR) during October rose 36 per cent year-on-year at 7,929 units on higher demand during festive season and reduction in stamp duty by the Maharashtra government, according to Knight Frank.

Knight Frank India on Monday released a report ‘Mumbai Residential Snapshot October 2020’ that analyses Residential sales for the MMR.

The registrations in October 2020 rose by 42 per cent month-on-month and 36 per cent year-on-year, the property consultant said.

Home sales volume in Mumbai stood at 7,929 units in October 2020 and were boosted by stamp duty cut and festive period of Navratri and Dussehra, Knight Frank said.

The demand, which was badly hit during April-June due to lockdown to control COVID pandemic has improved from July onwards.

“At 7,929 units registered in October 2020, the residential sector of Mumbai recorded the highest ever registrations in the month of October over the last eight years,” Knight Frank said.

Number of sale documents registered in October 2012 stood at 2,619 units, October 2013 (4,902 units), October 2014 (4,483 units), October 2015 (5,225 units), October 2016 (6,068 units), October 2017 (5,668 units), October 2018 (6,377 units) and October 2019 ( 5,811 units).

The consultant cited the data it sourced from the department of registrations and stamps, Government of Maharashtra.

“One of the biggest catalysts for this growth has been the reduction of stamp duty by 300 basis points, which has been further matched by developers who have offered to absorb the remainder, thus significantly reducing the total outflow towards new home purchases,” Knight Frank said.

The reduction in home loan rates by banks helped improve homebuyers’ loan eligibility and also aided sales growth, it added.