City boom: Properties are selling like hot cakes in Mum

In April this year, Mumbai recorded an all-time high 11,744 property registrations despite the facts that there is no concessions on stamp duty, introduction of one per cent metro cess and rise in prices of raw materials.

According to the data-corresponding to April monthavailable with the Maharashtra stamp duty and registration department, the city recorded 5,705 property registrations in 2016 and generated Rs 342 crore revenue in stamp duty. In 2017, 5,652 property registrations were recorded and Rs 368 crore revenue earned. Whereas in 2018, 7,016 properties were registered and revenue made was Rs 503 crore. In 2019, 5,940 registrations fetched Rs 460 crore. While 10,135 registrations were recorded last year and Rs 514 crore was made. The exception was 2020 owing to Covid-19 outbreak.

As property buying sees a positive trend, the realty players strongly believe 2030 will be a real estate decade. Similar sentiments were echoed at the real estate forum, 2022 which was recently organised by NAREDCO Maharashtra.

Sandeep Runwal, President, NAREDCO Maharashtra and MD, Runwal Developers, said, “Real estate industry has grown through a lot of issues right from demonetization to GST implementation. However, if 2010 was the year of builders, I see 2030 as a decade that will be consumer centric. It’s going to be a decade of real estate as we are seeing huge investment coming in as well as new construction techniques. Collaboration with the government will be very important.”

Whereas Rajan Bandelkar, President, NAREDCO, director, Raunak Group urged the government to offer concession in stamp duty fees that it offered at the time of Pandemic so to further encourage homebuyers' interest into property buying.