Real estate sale in metros to bear the brunt of rising spread of COVID-19 | ANAROCK | SR News Update

Real estate sale in metros to bear the brunt of rising spread of COVID-19

The ever-increasing third wave of COVID-19 pandemic in the country will severely affect the housing sale during the ongoing April-June quarter, as already the new registrations has dropped drastically in Mumbai, a key market in Maharashtra. The findings are published in the report by Anarock property consultant. A report by SURFACES REPORTER (SR).

Read more: Despite rising construction costs, India to become a hotspot for investment says- JLL

The drop in rate can also be attributed to ending of stamp duty cut period that ended on 31st March, 2021. According to the data by Inspector General of Registration (IGR), Maharashtra the stamp duty cut period between September 2020 to March 2021 saw as many as 80,718 properties registered in Mumbai which was almost 114 per cent higher from the corresponding period (September 2019 to March 2020).

“Latest government data already indicate a drop in property registrations in April 2021 over March 2021 amidst 2nd COVID-19 wave and no stamp duty cuts. The second COVID-19 wave coupled with the expiry of the stamp duty cut period will impact the monthly growth momentum of Mumbai's housing sector” Anarock’s report pointed out. It has also urged that govt must reconsider its decision to increase the time period of stamp duty reduction to aid the dwindling real estate sector.

The drop in rate can also be attributed to ending of stamp duty cut period that ended on 31st March, 2021. According to the data by Inspector General of Registration (IGR), Maharashtra the stamp duty cut period between September 2020 to March 2021 saw as many as 80,718 properties registered in Mumbai which was almost 114 per cent higher from the corresponding period (September 2019 to March 2020).

Read more: 2021 Construction and Building Material Industry Trends in India

Prashant Thakur, Director and Head – Research, Anarock, said, “Ever since the expiry of the stamp duty cut period, from 1st April onwards, there has been a marked drop in property registration numbers. Besides the expiry of the stamp duty cut period, the second COVID-19 wave and ensuing restrictions aimed at curtailing the city's caseload have contributed towards the declining numbers.”

However, the housing sector is better equipped this time around as more developers have developed digital marketing capabilities and the government has allowed construction activities to continue. The restrictions on interstate movement and the call to steel manufacturers and fabricators to allocate their oxygen supplies to the hospitals have put pressure on the supply chain, Thakur said.

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