India Real Estate Latest Trends | Overview | Growth | Investments

April 12, 2021
Realty In Mumbai Witnesses Record Registrations In First Quarter Of FY 2021

In March, Quarter 1 of FY 2021-2022, the financial capital, Mumbai recorded a surge by 365% in property registrations with toll standings of 17,681 closed deals, as per the datasheets released from the office of the IG, Registration Office, Maharashtra. In addition, stamp duty collection also witnessed a 174% hike compared to yesteryear to Rs 837 crore in March ending.

Financial transactions while registration of property in Mumbai is, the country’s biggest and costliest realty market, which continues to expand at a swift pace for a few months now in March driven by record-low house debt interest rates, multiple discounts and the slump in stamp duty rates.

“The central government’s stance to cut the stamp duty rates has got a favourable response from real estate investors and buyers which in turn has recorded significant hike in registration numbers in the last six months. Our offices located here in Mumbai have surpassed the benchmark set as targets in reference to stamp duty charges collection,” said DIG Registration Deptt, Mumbai division.

As of now, this is considered the second-highest registration toll recorded in the past 7 months since the state government of Maharashtra announced the stamp duty dip that will be ending by this evening. There been recorded sustained growth with the country’s commercial capital set at a historic high record of 19,552 closed deals in December with an increase of 204% comparable to yesteryear.

Given that the registration in real estate has witnessed unprecedented growth since the central government had announced the cut in stamp duty charges in August yesteryear, the real estate developers have urged the central government to reconsider the decision.

“State government of Maharashtra has played a massive role in successfully placing the unprecedented measures like cuts in stamp duty to a huge extent so as to kickstart real estate investments ensuring a boost in real estate market post-Covid,” told Dr Niranjan Hiranandani, President of the NAREDCO Group.

The real state developers have welcomed the government’s decision to not increase the ready reckoner prices and provide a 1% relaxation in rates in stamp duty to women buyers or realtors.

CREDAI Maha Requests for Realty Registration Extension & Fine Waiver

In a bid to acquire an extension for realty registration and fine waiver from the state government the apex of the Realty Developers’ body, CREDAI Maharashtra, has recently sought four months documents executed in December, 2020. The realty developers’ has addressed the IG of the Registration and Stamps department regarding the aforesaid. Also, the CREDAI has requested the state government to be lenient towards realty buyers/ developers and provide relaxation from the levy of fine given the

Housing Loan Interest Rate Contracts- SBI

State Bank of India (SBI), the largest public sector lender in a row on rate cuts on Saturday announced that it has contracted its housing loan rate of interest further. Housing loan will now be disbursed at a rate of interests starting from 6.7% onwards, effective from 1st of May, this FY 2021. Earlier this April also, the lender in a bid to infuse liquidity in the realty sector, SBI had levied cuts on housing loan interest rates i.e. 6.95% onwards based on slabs, effective 1st of April.

Sigh of Relief for COVID-19 Patients as M3M Group & IAF Ventures to Develop a Zero-cost COVID-19 Special Facility

In a bid to provide a free of cost and uninterrupted support of food and medical aid, including oxygen, for COVID-19 patients in Gurugram, Haryana M3M Foundation, a welfare wing of M3M Group, ventured with Indian Air Force to act upon this humanitarian cause in this need of the hour. Also, a mobile medical unit is set up for commuting any patient from the COVID-care centre to the COVID-19 special medical facility. Attending an online media event, Dr Payal Kanodia, Trustee, M3M Foundation here