Mumbai Property Registrations to Break 10-year Record
Mumbai residential real estate is on an upswing, as property registrations recorded in the first 21 days of September show that the numbers have crossed the levels seen in September 2018, and is expected to break the record of the last decade, according to the report of Motilal Oswal Financial Services (MOFSL). The report says that more than 6,000 units have been registered in the first 21 days of September, surpassing the September 2018 total of 5,913 units. It is expected to cross 7,000 units — a record in the last decade. The average daily registration in September was 300 units, up from 225 units in August. The findings of the financial services firm show that even without specific tax breaks or stamp duty exemptions, the property registration numbers continue to rise. “While registrations will begin to drop with the advent of ‘Shraadh’, even if 50-100 units are registered every day, overall registrations will be about 7,000 units which will be a record in last decade,” the analysts at MOFSL observed. The rise in sales momentum can also be attributed to the aggressive launch pipeline that the developers have lined up with the start of the festive season earlier this month with ‘Ganesh Chaturthi’. Mumbai Metropolitan Region (MMR) alone, is expected to see two million sq ft of launches in the coming festive months with 25-30 big launches planned, having inventory worth Rs 3,750-odd crore. After a long hiatus, the good news is that branded developers are entering the market. Prestige Estates Projects is launching three projects in Mumbai’s Byculla, Mulund and Chembur neighbourhoods, another south-based developer Puravankara plans to launch two, while Oberoi Realty is understood to be launching a project in Thane. Sunteck Realty has also lined up launches in the existing Oshiwara District Centre and Naigaon projects.
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