Property registration in Bollywood city Mumbai after Covid - 19

The impact of the Covid-19 pandemic on Mumbai's real estate seems to be waning, as property registrations in August increased significantly year-on-year and month-on-month. Most of these sales were registered in August. This is in contrast to the period from April to June, when most of the recorded sales were from previous months, as customers in Maharashtra benefited from low stamp duty. 

According to data from Knight Frank India, Mumbai’s Brihanmumbai municipal company area from Churchgate to Dahisar and Colaba to Mulund recorded 6,784 property registrations in August 2021, a year-on-year increase of 157% and the number of registrations was 16 higher than before August. %. -Pandemic period. Interestingly, 92% of registered homes were new sales, and a total of 6,241 units were sold in August.  New homes demanding sales evidently thrived to rise and has increased from 53% in July 2021 and 42% in June 2021.

 The increase in April was as low as 7%, and the difference between the application date and the check-in date in the historical period is negligible. The number of headline registrations between April and July soared, as buyers who moved into apartments during the lower stamp duty window in 2021 have a four-month window until July 31, 2021, to register their property. New condos sold in August 2021 (new home sales) were 19% higher than the 5,244 units sold in July, 89% higher than the 3,300 units sold in June 2021, and 302% higher than the 1,554 units sold in May 2021 710 sets were sold in April 2021 more than 780. In August 2021, the state government stamp duty revenue exceeded Rs 4 billion, which is close to the monthly average level in 2019. 

Compared with August 2020, the annual collection volume has increased more than four times. Bajar, Chairman and Managing Director of Knight Frank India states ( in logical terms) "Once everything passes-on after the pandemic, real estate sales in Mumbai have recovered strongly. Taking into account the growth in fresh product sales this month, which has been growing steadily since April, and the sales of homes with a house price of up to 10 million US dollars have increased significantly, we can safely say that actual demand has exceeded the second wave of problems. With the upcoming holidays and expected economic recovery and improved vaccines, we expect this sales momentum to strengthen.