Mumbai Rental Market Shows Upward Trend
Mumbai’s rental property market has depicted an upward trend. According to figures, Mumbai saw 3,515 more properties rented on leave and license basis in September as compared to the month earlier. The IGR registered 19,216 leave and license documents in September, which included 17,216 e-registration and 2,394 registration done at various registrar offices. In August, the total registrations done in this category were 16,095. With the rental housing market in almost a total shutdown mode previously, a price correction of up to Rs 4,000 to Rs 5,000 a month in rents for residential properties have been witnessed. As economic and commercial activity in south and central Mumbai picks pace, it is expected that the rental market will gain further momentum. In another sign of green shoots of recovery appearing in the property market – among the worst hit by the prolonged lockdown – the figures showed that the volume of registered sale transactions this September was 39 per cent higher than last September, which had seen registration of 4,032 documents. Across the state, 1,19,834 properties were sold in September, which was also 46 per cent high than in August (82,100) and 49 per cent over last September (80,349). The number of properties sold in Mumbai, India’s real estate capital, rose by 112 per cent in September from the previous month, according to figures released by the Maharashtra government. According to official figures, 5,597 sale or conveyance deeds got registered with the state’s inspector general of registrations (IGR) in September as against 2,642 documents registered in August. Some experts cautioned that the upward sales movement might be a temporary phase. The lockdown has clobbered the economy and adversely hit per capita income. The additional sales witnessed in September can be attributed mostly to a pent-up demand from buyers. The concession in stamp duty has helped the trend as well. But it may not sustain over a longer period,” he said.
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