Mumbai Witnesses Surge in Property Sales in June 2021

Realty+ brings to you views of Mumbai developers on the recorded property sales of 7857 units in June 2021 compared to 5,360 units registered in May 2021. It was noted that 42% of registrations in June 2021 were from new resid

BY Realty Plus
Published - Monday, 05 Jul, 2021

Mumbai Witnesses Surge in Property Sales in June 2021

Realty+ brings to you views of Mumbai developers on the recorded property sales of 7857 units in June 2021 compared to 5,360 units registered in May 2021. It was noted that 42% of registrations in June 2021 were from new residential sales concluded in the month, recording a sharp improvement compared to 29% during May 2021 and 7% during April 2021. At 3,300 units, the number of new apartments sold (fresh sales) during June 2021 was more than double compared to 1,554 units sold in May 2021 and 348% higher compared to 710 units sold during April 2021. Ashok Mohanani, President, NAREDCO Maharashtra said, “Although we have seen a sharp recovery in the property registrations in the month of June 2021, most of the sales registered in the April to June quarter are due to the overflow of registrations from the previous quarters where many homebuyers took advantage of the stamp duty benefit before the March deadline and registered their properties later. The pandemic has proved to be a boon to the homebuyers with all-time low interest rates, discounted prices and the stamp duty booster which significantly stimulated housing demand in the city. Therefore, we urge the State Government to reconsider and trim the stamp duty for another, that is, until March 2022. There is still demand among the homebuyers, and we believe the numbers will see a gradual uptick once the Government intervenes and tries to boost the demand with some quick and necessary measures." According to Pritam Chivukula, Hon. Secretary, CREDAI MCHI, "Due to the easing of lockdown curbs in some parts of the State including Mumbai, there has been a slight recovery in the month of June 2021. But still the sector has faced a gradual slowdown because of the second wave of the pandemic and the discontinuation of the stamp duty benefit which has made it extremely difficult to sustain the momentum that it had gained in the previous two quarters. We therefore urge the Government to reconsider their decision on the stamp duty waiver in interest of the homebuyers again." Ram Naik, Executive Director, The Guardians Real Estate Advisory added, “The gradual unlocking of the city and opening up of the economy saw improved property sales numbers in June 2021 as compared to the last month. This is mainly because of the ease of restrictions by the State Government and the pace of the vaccination which has helped to get the real estate recovery back on track to some extent. With the temporary reduction in transaction costs being withdrawn, in states like Maharashtra, the expectation amongst stakeholders of the industry is that the Government should continue the relaxations, at least till such time that the economy gets back to the pre-COVID levels. It will boost the homebuyer sentiments which have been quite low in the past couple of months due to the severe impact caused by the second wave of the pandemic."