The Mumbai BMC region, which covers Churchgate - Dahisar and Colaba - Mulund, registered property registrations of 5,360 units in May 2021, marking a decline of 47 per cent month-on-month, compared to April 2021. According to a recent research report by leading real estate consultancy Knight Frank, the property registrations were down 15 per cent in May, compared to 6,270 units registered in May 2019. However, new registrations grew 25 times last month, compared to May 2020, as a result of the base effect.
According to the report, only 29 per cent of registrations last month were from new residential sales concluded in the month, while 71 per cent of the registered properties were from sales concluded in the period between December 2020 - April 2021. These registrations got recorded in May and out of the total sales in May 2021, 62 per cent were in sub Rs 1 crore category, said Knight Frank in its report.
In December 2020, the Maharashtra government gave a leeway of four months to homebuyers to register a property after the payment of stamp duty, in order to prevent the crowding of registration offices, amid the pandemic. This move made sure that buyers who had purchased the residences and paid stamp duty on or before March 31, 2021, have a maximum window of four months till July 31, 2021, for the registration of their properties.
Despite the month-on-month decline of 47 per cent in registrations last month, the new units sold grew by 119 per cent month-on-month from 710 units in April 2021 to 1,554 units in May. This means that in spite of the lockdown restrictions, the market picked up. However, the numbers registered are not close to the 6,720 units in May 2019.