Property registration sinks in Mumbai

Mumbai real estate, the most developed and emerging market which supports the industry the most. But as compared to July, the property registration has immersed in August because most of the homebuyers put their foot backward while registering their property as they have waited for the announcement of the reduction in stamp duty charges by the government.

The stamp duty collection in August is Rs.202crore which is comparatively lower than July which was Rs.240crore in July. The affordable housing segment and the related property transactions registered in both the month were the same with the numbers of 6489 but the collections were reduced to 16% as compared to the previous month. Though Affordable Flats in Kolkata are on high demand and rates are updated in the market with huge supply in post-pandemic.

As compared to June, the collection has been improved at the rate of 17% but as compared to July, the collections and the registration have not reached the mark. Even, the collection of stamp duty is less than 50% of Rs.470crore collected in February which is before the pandemic and the start of lockdown sessions. Overall, the collections were standing still and dipped in August as compared to the previous months.

To save the cost, most of the homebuyers delayed their registration of the properties and waited for the reduction of charges. The government of Maharashtra has reduced the registration charges from 5% to 2% which is from September 1 to December 31. The rates for agreements of stamp duty will be 3% from 1 January till the end of March.

The discussion about the reduction of charges was continued for a week which made the homebuyers to delay their registration as they want to take the advantages and benefits for which save their costs. The realtors and property experts were expecting the reduction charges along with the festive orders which will help them to close enough deals to make a profit till September as it will increase the stamp duty collections.

In the rate of stamp duty, the government can earn total revenue of Rs.656 from Mumbai and Pune, along with Rs.471 from MMR and Rs.185 from Pune at the rate of 2%. The government was willing to open 26 offices for such activities but due to divisions of containment zones the office was not opened but in post lockdowns, it can be done by following the government directives.

Global investors can also make investments in Upcoming Residential Projects In Kolkata which are providing low rates of booking with different discounts and offers to make a spacious deal for a lifetime. 

See also : The Cry of Glory for Maharashtra Developers

By LNN (Liyaans News Network)