Registration of housing properties in Mumbai falls 42%

Registration of Housing properties in Mumbai fell 42% in April to 10,136 units as compared with last month due to covid-19 second wave

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property registration

Registration of Housing properties in Mumbai fell 42% in April to 10,136 units as compared with last month, as fresh demand was affected due to the second wave of the COVID-19 pandemic and expiry of the reduced stamp duty period, according to Knight Frank India.

The fall would have been steeper as over 90% of the registrations were of the properties on which the stamp duties were already paid by the homebuyers before April 1 in order to avail lower stamp duties.

From September 2020 to March 2022, the Maharashtra government reduced the stamp duty by 2-3% to boost housing demand amid the pandemic. In December, It also gave a 4-month window for properties registration after paying the applicable stamp duties.