Property Registrations At 10-Year High in Mumbai

According to data from the Registration and Stamps Department, 7,799 properties were registered in Mumbai in September, up 15 per cent from August. Fuelled by record-low home loan interest rates and incentives offered by developers, the real estate market in Mumbai has seen a resurgence with property registrations recording 10-year high levels in the month of September. Property registrations in September accounted for Rs 525 crore in stamp duty collections for the state government. At 7,799, the number was 39 per cent higher compared to the same period last year, when 5,597 units were registered despite the stamp duty cut announced by the Maharashtra government during that period. The pandemic was the main cause of the slump. Realty developers anticipate the pace of both sales and launches to improve further in the upcoming festive season. The rise in sales can partly be attributed to the aggressive launch pipeline that the developers have lined up with the start of the festive season.