The property market in India’s financial capital Mumbai has hit a 10-year high as the city has crossed the 1 lakh registration mark in a year. The enthusiasm of buyers to acquire new properties comes in the backdrop of record low interest rates that are currently being offered by the lenders. Building on the pace of the festive month of November, which saw over 7,582 property registrations, Mumbai’s property market has already registered 5,553 registrations in the first three weeks of December, data from Maharashtra’s Inspector General of Registration accessed by ET showed. It’s gone.
Gains in new property registration have made Maharashtra’s treasury rich by over Rs 1000 crore since November. The state exchequer earned Rs 421 crore and over Rs 549 crore in these two months.
The enthusiasm for new property acquisition continues despite the government not extending the benefits of stamp duty.
Property registration from January to November 2021 was reported to be 122 per cent higher than the figures for the corresponding period last year. The exchequer of Maharashtra increased by over Rs 5000 crore as stamp duty for property registration during this period.
To further fuel the demand in the property market, the Maharashtra government had introduced stamp duty benefits by giving some additional cushion to home buyers. The government had given four months for new deal registration if stamp duty is paid before the end of March, while the duty was reduced from 5 per cent to 2 per cent. The stamp duty benefit window was closed in July this year, with Mumbai recording the highest property registration in 10 years.
Although the new registration figures showed some decline the following month, they quickly gained momentum to show promising trends from September onwards.
In November 2020, when gains were still on, property demand hit a new high with over 9,300 deals registered, which was even higher than pre-pandemic levels. Stamp duty collection in November 2020 alone added Rs 288 crore to the state government exchequer.
In November 2019, the real estate market of Mumbai registered 6433 new registrations.
Homebuyers’ enthusiasm, low interest rates and other government policies may fuel the positive property buying trend in the next year as well.
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