Mumbai property registration up by 69% in January

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Mumbai the country’s biggest real estate market has continued its ongoing momentum in January also led by all-time low home loan rates & reduction in stamp duty charges.

The figure that has been received regarding the registration witnesses the highest number in January since 2012. This type of growth is being witnessed after the country's commercial capital set a historic high of 19,552 deals in December as per sources.

The registration of property has recorded growth even after the chares of stamp duty were raised by 1% standing at 3% when compared to December which was 2% back then.

The Maharashtra government in August announced to reduce the charges on the stamp duty on property registrations to 2% for transactions between September 1 and December 31 from 5% earlier. The stamp duty will be 3% for agreements to be registered between January 1 and March-end.

Due to the spike in volume, the stamp duty reduction has hit revenue collection which stood at Rs 306 crore as compared to the figure of Rs 454 crore a year ago.

The registration is expected to grow as the trend continues. To cope up with the demand all 26 Mumbai offices are to be kept open on Saturdays to accommodate the number of deals. Moreover, the government has also started to operate the registration offices in two shifts which were earlier one shift due to Covid19. The operation will begin from 7 AM & close at 9 PM as against earlier time of 10 AM to 5:30 PM.

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