Mumbai witnesses 10-year high property registrations in July 2021

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Mumbai, 02 Aug 2021: Mumbai recorded property sales of 9037 units in July 2021 compared to 7857 units registered in June 2021, indicating a month-on-month growth of 15 percent. The registrations in July 2021 are also a 10-year high recording the highest sales numbers since July 2012.

The property registrations data showed that 53 per cent of registrations in July 2021 were from new residential sales concluded in the month, recording a sharp improvement compared to 42 per cent in June 2021, 29 per cent during May 2021 and 7 per cent during April 2021.

Here is what real estate experts have to say:

Mr. Ashok Mohanani

President, NAREDCO Maharashtra
“We have seen a sharp recovery in the property registrations in the month of July 2021 as most of the sales registered are due to the overflow of registrations from the previous quarters. Also the month of June saw the easing of curbs followed by reopening of economic activities along with a fast-paced vaccination drive which resulted in an upward trajectory of housing demand thereby boosting the homebuyer sentiments. There is still demand among the homebuyers, and we believe the numbers will see a gradual uptick if the State Government takes necessary measures to sustain the demand by reconsidering to trim the stamp duty till March 2022.”

Mr. Pritam Chivukula
Co-Founder & Director, Tridhaatu Realty
Hon. Secretary, CREDAI MCHI

“There is a considerable rise in July 2021 property sales mainly because of the spillover from previous months. This was also the last month of the Government’s extension to register the properties after the State Government’s discontinuation of the stamp duty benefit. Going forward, it will be a real challenge to sustain the momentum that the real estate sector had gained in the previous three quarters due to the stamp duty rebate. We therefore urge the Government to reconsider their decision on the stamp duty waiver in interest of the homebuyers again.”

Mr. Ram Naik
Executive Director, The Guardians Real Estate Advisory

“The gradual unlocking of the city and opening up of the economy saw improved property sales numbers in the last couple of months. The outlook of the sector is optimistic despite the crippling effect of the second wave of the pandemic. This is mainly because of the continued economic activities after the ease of restrictions by the Government and the robust vaccination program that has helped to get the real estate recovery back on track. The recovery also specifies the homebuyers’ aspirations of owning a home along with other factors such as low home loan rates, discounts and flexi-payment schemes offered by developers and demand for larger homes due to WFH & other activities.”