Stamp duty collections in Mumbai back to pre-COVID-19 levels; Rs 420 crore collected in June JUN 30, 2021 / 09:45 PM IST
As many as 7,850 properties were registered in June 2021 compared to 5,640 units registered in June 2019, clearly indicating a growth of 39 percent.
Despite the Maharashtra government deciding not to extend the stamp duty waiver on property registrations in March this year, the collections in the month of June 2021 stood at Rs 420 crore which was at 93 percent levels of June 2019 when Rs 450 crore was collected by the exchequer, an analysis by Propstack has indicated.
This data clearly indicates that homebuyers are gradually trickling back into the market as vaccination picks up and the second wave appears to be waning.
In May 2021, Rs 268 crore worth of stamp duty was collected due to the onset of the second wave. This was almost half of the collections in May 2019 (Rs 534 crore), the analysis said.
In April 2021, the stamp duty collections were 12 percent higher than April 2019. The total collections stood at Rs 514 crore in 2021 compared to Rs 460 crore in 2019. The 2020 numbers are not being considered as there was a complete lockdown due to COVID-19.
“Stamp duty collection data indicates that the demand for housing despite the stamp duty cut reversal in the month of April continues to hold up and seems even better than pre-COVID 2019. This goes to show that even though the number of buyers that signed on the dotted line significantly increased during August 2020 to March 2021, the demand for housing is gradually reviving as the second wave subsides as more people realise the importance of owning a home,” said Sandeep Reddy, co-founder, Propstack.
As for the number of properties registered, as many as 7850 properties were registered in the Mumbai BMC region in June 2021 compared to 5640 in June 2019, clearly indicating a growth of 39 percent, the analysis showed.
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