Hello, Uddhav: 1% Property Registration Hike Matters

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Hello, Uddhav: 1% Property Registration Hike Matters

Mumbai’s April Data Shows The Difference

Knight Frank India data shows maximum registrations were seen for homes with size of 500-1000 sq ft

MUMBAI, May 3 (The CONNECT) - Over 11,744 real estate units have been registered during April 2022 up by 16% on year-on-year comparison, as per data from the State Inspector General of Registration.

The registrations were was the best in a decade for the month of April. The monthly revenue collections of Rs. 738 crore were a 10-year high for the April month.

As per Knight Frank India data, maximum registrations were seen for homes with size of 500-1000 sqft accounting 47% of total registrations while compact homes up to 500 sqft contributed 36% share. Homes with 1,000-2,000 sqft of area accounted for 15% of total registrations.

In all 82 percent of property registrations executed in April 2022 were filed in March- 2022 at effective stamp duty rate of 5 percent. While 17 percent of properties registered in April 2022 were filed in April 2022 having an effective stamp duty rate of 6 percent.

Pritam Chivukula - Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI, said the demand continued to be robust. “The strong sales was evidenced as the homebuyers rushed in to buy properties with a fear of price hike. We may soon witness an upward revision in the prices due to the rising construction costs and higher stamp duty prices,” he said reiterated that the State government, in the interest of buyers, must look into the rising prices.

Ram Naik, Director, The Guardians Real Estate Advisory, said "The financial year begins with great news for the Mumbai real estate market with many home buyers seen at the property registrar office to close their home purchases. This once again proves that Indian real estate has become a buyer market. The home buyers know exactly when to buy, where to buy and how to buy. Many homebuyers advanced their purchases by filing in March while registering them in April, effectively saving 1% metro cess on their deals. This also symbolizes how much home buyers in Mumbai have become price savvy while buying a new home. How even a one percent saving in the stamp duty can reduce the decision-making period of a customer. This also signifies that there is a genuine demand for homes in MMR market and if the government had passed a deferment on the metro-cess and the construction cost had remained under control then we would have seen a bull run in this new financial year as well."

Jitesh Lalwani, President - Homesync Real Estate Advisory, said "Mumbai has witnessed an impressive ascent in property deals in the month of April 2022 too. Given the current scenario of steep rise in property prices from April onwards, owing to the increase in stamp duty, ready reckoner rates, raw materials prices and metro cess, we see homebuyers taking the utmost advantage in the current month as well resulting in such a huge contribution to the state’s revenue."

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