Property Registrations in Mumbai Hit a 10-Year High Record Last July

The BMC region in Mumbai has recorded property registrations at 9,037 units last July. Incidentally, this is the highest in the last ten years. Over June 2021, the registration figures were higher by 15%. Compared to the figures in July 2020, it was higher by 239%. Besides, this year the registrations were higher by 57%, compared to what it was in July 2019 during the pre-pandemic times. Real estate players are happy with this healthy trend, considering that the second wave has hit the industry hard. Registrations of properties have continued to grow every month from May 2021. In July, it crossed the mark of 9,000 units. In July, the registration figures are the highest in the last decade for that particular month.

Although there were restrictions in the industry due to the lockdown imposed following the outbreak of the second wave of the pandemic, the property market has gradually progressed. Some restrictions were also eased up in June. In order to engage the property buyers, property developers deployed strategies and marketing methods used during the first wave. When the restrictions of the lockdowns were eased, they tracked down the site visits of the customers and accordingly, carried out the transactions.

Last year, Mumbai witnessed a lockdown during this time. However, the property market witnessed a sharper pick up this year, compared to last time as the industry players were better poised. Also, some accumulated demand from the last quarter fueled the trend. Notably, the government of Maharashtra had provided the homeowners with a leeway lasting for four months in December 2020 to register properties. This also includes the stamp duty payment, so that there would be no crowd at the registration offices. The healthy trend of real estate growth is likely to continue with favorable buyer sentiment gaining ground in the coming years.