Maharashtra property registrations in Mumbai, India’s most expensive city and one of the worst-hit by the Covid-19 outbreak, have surged to their highest level in at least nine years. According to a statement from Knight Frank India, in 2021, there were 1.12 lakh units registered in the city. 45 percent greater than the pre-pandemic level of infection.
A 70% increase over the previous year. In 2019, the pre-pandemic level was 45 percent higher. Maharashtra property revenue consultants say that December 2021 saw a record number of day-to-day registrations in the last five months, despite concerns about the Omicron variation.
The total number of annual registrations has surpassed 1.11 million for the first time. Even without the help of a decreased stamp duty rate, the number of registrations is up by 24% from November’s record high.
Property Registrations
Mumbai’s sales boom has also continued into the final day of the year. Sop-led expansion, sales trends in the city have now reached a certain level of stability and maturity. In the prior ten years, the biggest number of property registrations occurred in December of 2021, except December 2020, which was boosted by a stamp duty refund.
Due to variables such as reduced capital prices and decadal low house loan interest rates, Mumbai has become more affordable than in past years despite India’s most expensive market for homeownership. We expect this tendency to continue in the coming year, if not disrupted by the new COVID – 19 variants.
Property Revenue
Meanwhile, 53% of citywide Top builders in Maharashtra took place in the Western Suburbs. In 2021, Central Suburbs had a 31% share of sales.
Moreover, 40% of total registrations in 2021 were made in the 500-1000 sq. ft category, followed by the 500-500 sq. ft category, which accounted for 41% of the total. Similarly, 13% of homes sold were in the 1,000-2,000 square foot range.
In addition, the Maharashtra property revenue government announced a stamp duty incentive rate of 4%, which is 1% cheaper than the city’s ordinary stamp duty rate. However, the percentage of female homeowners has remained continuously low after rising to 6.6% in April 2021. According to the Knight Frank survey, the percentage of best builders in Maharashtra female homebuyers fell to 2.8% in December 2021, a level not seen in seven months.
Final Words
Despite the absence of sops, the government’s revenue in December 2021 was higher than in December 2020. As a result of a rise in stamp duty from 2% in December 2020 to 5% in December 2021, the government earned Rs 738 crore in December 2021, above the Rs 681 crore in income seen in December of the previous year.
