Mumbai: Far western suburbs top in property registrations – Times of India

MUMBAI: The Goregaon-Dahisar belt in the western suburbs recorded the maximum property registrations in Greater Mumbai between September and December 2020, when stamp duty was slashed from 5% to 2%. About 35% of the 39,500-odd property registrations in Mumbai were recorded in the Borivli taluka, which covers these areas, reports Nauzer Bharucha.

Data collated from the department of registration and stamps reveals that registrations in the city between September and December were 80% higher compared to the same period in 2019.
Borivli and Kurla talukas make up 65% of property sales in Mumbai
“Close to 14,000 properties were registered in Borivali taluka of the 39,500-odd registrations in entire Mumbai during this period,’’ said Mitesh Raikundalia, director, Intime Services Mumbai, a property registration firm.
“This massive jump in registrations was solely due to the stamp duty cut, which came into effect from September 1, 2020,’’ said Raikundalia. He added that over 90% of these registrations are those of apartments and very few are commercial properties.
Kurla taluka (Mulund, Nahur, Bhandup, Kanjur, Powai, Ghatkopar, Kurla and Chembur) registered the second highest volume of property sale transactions (30%) during the same four-month period.
Andheri Taluka, which covers areas from Bandra to Jogeshwari recorded the third highest registrations (18%).
The island city from Colaba to Mahim and Sion, which has some of the most expensive real estate in the world, recorded the least registrations (16%). The island city witnessed a surge of registrations in December though: 3407. This was 250% more than registrations in December 2019 (989).
Property experts said Borivali and Kurla talukas make up 65% of total sales in the city between September and December last. “Small budget property purchases have increased,” they said.
“Both the Borivali and the Jogeshwari talukas offer mid-end housing units costing Rs 85 lakh to Rs 1.5 crore. This is the bestselling ticket size of Greater Mumbai,’’ said Pankaj Kapoor, MD of Liases Foras.
Together, they both contribute around three-fourths of the total supply of Greater Mumbai, according to Liases Foras data. “The region covered under Borivali taluka has 484 projects with 31,514 unsold units, while the region covering Kurla taluka offers 531 projects with 47,623 unsold units. The total ongoing projects in Greater Mumbai are 1,589 with 1,05,903 unsold units,’’ said Kapoor.
“However, the magnitude of the transactions suggests that there were more secondary transactions in this period than primary (builders) sales. This implies that several investors have exited during this period. Primary sales of trailing 12 months were just around 10,000 units from these two regions,” he added.