NEW DELHI: Registration of residential properties in the Mumbai BMC region jumped over fourfold in June to 7,857 units despite the second wave of the COVID-19 pandemic, according to real estate consultant Knight Frank India.
Out of the total registration numbers, 42 per cent were from sales concluded during June 2021.
"Mumbai BMC region (i.e. Churchgate to Dahisar and Colaba to Mulund) recorded property registrations of 7,857 units in June, registering a growth of 47 per cent from the previous month and up 327 per cent from 1,839 units registered in June 2020," the consultant said in a statement.
The registrations for June 2021 were also 39 per cent higher than June 2019.
"Even though the duration of lockdown in Mumbai was similar to last year, the pick-up post gradual easing of restrictions was sharper this time around compared to last year," Knight Frank said.
The consultant mentioned that the Maharashtra government in December 2020 had given a leeway of four months to homebuyers to register a property after the payment of stamp duty in order to prevent crowding of registration offices.
"This ensured that homebuyers who had purchased residences and paid stamp duty on or before March 31, 2021, have maximum window of four months till July 31, 2021, from the respective date of payment of stamp duty for registering their apartment," it said.
On analysing the property registrations data, Knight Frank said it was found that 42 per cent of registrations in June 2021 were from new residential sales concluded in the month.
It recorded a sharp improvement compared to 29 per cent during May 2021 and 7 per cent during April 2021.
The share of woman homebuyers in new sales improves from 1.8 per cent in May 2021, to 4.7 per cent in June 2021.
On March 8 this year, to celebrate International Women's Day, the Maharashtra government announced a one per cent rebate in stamp duty for women homebuyers effective from April 1, 2021.
"As a result of which, woman homebuyers constituted 6.6 per cent of new home sales in April 2021 paying a discounted stamp duty rate of four per cent over their purchase," Knight Frank said.
Knight Frank India Chairman & Managing Director Shishir Baijal said, "Despite the second wave of the pandemic being severe than the first wave and lockdown duration as well as intensity being similar, there is a stronger growth in property registrations post easing of lockdown restrictions compared to last year."
The recovery indicates a fundamental shift in homebuyers' behaviour towards owning a house, he said.
"This shift in behaviour was complemented by other factors such as lowest ever home loan rates, discounts offered by developers, extended time spent indoors and demand for larger homes, to name a few," Baijal said.