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Property registrations in Mumbai peak in February 2022, best since the pandemic

Anarock

Additional 1% property registration surcharge from 1st April 2022 triggers fresh wave of new registrations

Mumbai, March 7, 2022 –  Property registrations in Mumbai, the country’s most prominent real estate market, attained a record in February 2022, with the highest number of properties registered during the current fiscal year. According to data published by IGR Maharashtra, Mumbai saw a total of 10,379 properties registered last month – a 27% increase over the previous month and 2% more than the same period the previous year.

Prashant-Thakur

Prashant Thakur, Sr. Director & Head – Research, ANAROCK Group, says, “The last peak was attained in December 2020, when the state government reduced stamp duty to 2% for a limited period between September 2020 and December 2020. In the last quarter of the fiscal year 2020-21, stamp duty increased by 100 bps to 3% (still lower than the regular 5%), resulting in 17,728 registrations in March 2021.”

“Despite the withdrawal of all the sops by the state government, residential sales momentum in Maximum City has remained strong in the current fiscal,” says Thakur. “This indicates that the city’s housing demand is on a winning streak despite the withdrawal of stamp duty benefits.”

The state government’s announcement that it will levy an additional surcharge of 1% to the stamp duty on registration of properties from 1st April 2022 appears to have triggered a fresh wave of new registrations in the city. Buyers and fence-sitters are now trying to finalize deals before the overall transaction costs increase kicks in.

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