Property registrations in the state increased by 36% between September and mid-November this year as against the figures during the corresponding period in 2019.
Maharashtra registration department officials said though the post-pandemic period had registered a dip in registration, the performance of the real estate sector improved after the state announced the reduction of stamp duty for a limited period in August.
A registration department official said 1.9 lakh documents were registered in September last year. The number rose to 2.47 lakh in September 2020. Similarly, the number of registrations rose to 2.73 lakh this October from 1.93 documents registered in October last year. The first 13 days of November last year saw 88,000 registrations. The number was 1.21 lakh during the first 13 days of November 2020.
State Inspector General of Registration and Stamps Omprakash Deshmukh told TOI that the reduction of stamp duty had helped many citizens to take the plunge and invest in the sector. “Registrations started slowly picking up from August this year. The initial pandemic period had seen a dip in registrations, as most of the offices were closed because of the lockdown. But as the offices reopened, the online registrations picked up.”
Deshmukh said, “During the unlock period from September, the registration has increased. The state announced the reduction in stamp duty till March 31, 2021. People are availing of the benefits.”
Confederation of Real Estate Developers’ Association of India (Credai)-Maharashtra president Rajiv Parikh told TOI the stamp duty reduction had encouraged the fence sitters to take the plunge. “The developers also stepped in and offered different sops to ensure that the citizens invested during this period, when stamp duty waiver was totally in place. The stamp duty waiver and GST reduction in residential homes helped many people invest. Nearly 3,000 Credai members said the stamp duty waiver was beneficial. Another boost was the reduction of home loan interest rates to around 7%.”
Pune Credai president Suhas Merchant said, “Intelligent buyers will not waste time and will book projects now. The advantage of the stamp duty waiver will not be in place six months down the line. The costs are bound to increase after six months, as the material and labour expenses will increase.”
Managing director of Gera Developments Rohit Gera said the return to normalcy was fuelling the need for housing being converted to demand. “As companies come to terms with the effects of the pandemic and the lockdown, the uncertainty around job security is rapidly lifting and this is leading to people to buy homes this season,” he said.
