Property Registration Increases Rapidly In Mumbai In March

Mumbai, 1 April 2021: Registration of property transactions in Mumbai, the country’s financial capital continued to develop at a rapid pace in the month of March 2021 pushed by record-low home loan rates and reduction in stamp duty prices.

Here is what real estate experts have to say:

Ram Naik, Executive Director, The Guardians Real Estate Advisory: We have witnessed record property registrations in the month of March 2021, with numbers at almost the same levels as that of December 2020. The mid-income housing segment has performed extremely well and has apparently contributed the most to the unprecedented numbers. Going forward we see the market entering a phase where it’s velocity will be slightly impacted, after 2 record breaking quarters thanks to extremely low transaction and borrowing costs. Post April the affordable housing segment is bound to outperform all the other counter categories until and unless the travel restrictions are reinforced.”

Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty 

Hon. Secretary, CREDAI MCHI: The month of March 2021 has yet again witnessed record property registrations in Mumbai with numbers reaching close to 90% as that of December 2020. The distressed real estate sector due to the impact of the pandemic was revived owing to the stamp duty cut by the State Government. The recovery was evidenced as the homebuyers rushed in to buy properties to avail the stamp duty benefit. Other factors such as a hike in household saving rates, all-time low home loan rates, developers offering discounts and payment flexibility too helped in the resurgence of real estate demand. But the industry isn’t out of the crisis situation yet as we see a rise in the Covid cases and a fear of yet another lockdown in the State. We will continue to urge the Government to reconsider their decision and extend the stamp duty benefit further in interest of the homebuyers.”