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.

Keep reading SURFACES REPORTER for more such articles and stories.

Join us in SOCIAL MEDIA to stay updated

SR FACEBOOK | SR LINKEDIN | SR INSTAGRAM | SR YOUTUBE| SR TWITTER

Further, Subscribe to our magazine Sign Up for the FREE Surfaces Reporter Magazine Newsletter

You may also like to read about:

Data Centres: The Most Sought After Alternative Real Estate Asset In India

Will Buying Homes Get Cheaper?

Realty Dialogue with Shailesh Puranik, MD, Puranik Builders Pvt. Ltd.

& more...

×
×

Post Your Comment


"Content that powers your Business. News that keeps you informed."

Surfaces Reporter is one of India's leading media in Print & Digital Telecast for News on Interiors & Architecture Projects, Products, Building Materials, and the Business of Design! Since 2011, it serves as a referral for designers & architects to know about inspiring projects and source new products. If you have a Product or Project worth publishing in Surfaces Reporter, please email us hello@surfacesreporter.com or you can also submit your project online.

Like Surfaces Reporter on Facebook | Follow us on Twitter and Instagram | Subscribe to our magazine | Sign Up for the FREE Surfaces Reporter Magazine Newsletter

NRIs Increase Investment in Indian Real Estate Amid Growing Demand for Luxury Homes | SR Report

Read more

Luxury 4-Bedroom Mumbai Apartment with Coastal Elegance and Opulent Design | Icon Projects Inspace Pvt Ltd

Positioned on the 44th floor, it blends coastal themes with opulent design, featuring flowing curves that navigate structural challenges.

Read more

Dramatic Double-Height Living Room with Graphite Stone Walls in Apartment 21 by Jason Wadhwani | Mumbai

Designed by Jason Wadhwani, this contemporary space seamlessly blends luxury with practicality, using opulent materials and custom furnishings to create a warm, inviting atmosphere for daily living and social gatherings.

Read more

White, Beige, and Pops of Color in this 3BHK Mumbai Home by P&T Design Studio

This 3BHK Mumbai abode, designed by P&T Design Studio, is a vibrant city home for a young couple and their child. It combines sleek lines with soothing white and beige tones, accented by pops of color.

Read more


This is alt