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real estate | IST

Diwali cheer: Mumbai records 1,441 property registrations in 3 days

Mini

The spike in home registrations in Mumbai during the Diwali week soon after October 2021 saw property registrations hit a 10-year high.

Mumbai saw 1,441 stamp duty registrations in just three days. According to data from the department of property registrations, the period between November 1 and November 3 saw these registrations and fetched the government a cumulative stamp duty collection of Rs 102 crore.
The spike in registrations during the Diwali week soon after October 2021 saw property registrations hit a 10-year high. Nearly 8,576 homes were registered last month, a year-on-year increase of 8 percent. According to Knight Frank India, early 53 percent of these homes were priced below Rs 1 crore.
The ongoing festivities have complemented the already positive outlook that home buyers have been exuding over the past year, said Shishir Baijal, chairman and managing director, Knight Frank India. “This is reflecting on the property registration numbers, where we are seeing best levels in consequent months of September and October,” he said.
Even after accounting for four non-working days in November, thanks to Diwali festivities, the number of homes sold per day in the month totals to 206. This rate has been on an upward trajectory from August (219 registrations per day) to September (260). The Navratri week in October saw the number ascend further to 277 registrations per day.
Knight Frank India has said that November’s projected registrations could see cumulative registrations for 2021 cross the one-lakh mark. The pick-up in registrations, more significantly, comes even amid the state government’s rollback of a stamp duty incentive announced last year.
“Even while the government stamp duty incentive has been rolled back, a combination of positive factors like multi-decade low home loan interest rate, affordable property prices, and developer offerings on new products and payment flexibility has pushed fence-sitters too to take the purchase decision sooner than later,” Baijal added.
Mumbai’s property registrations hit a high this year in March, which saw 17,728 registrations fetching the government stamp duty revenues of Rs 875 crore. Incidentally, the government rolled back its 3 percent rebate on stamp duty from April 2021 onwards. Despite the rollback, April, May and June 2021 saw registrations of 10,136; 5,360 and 7,856 homes respectively.