The uptick in property transactions in Mumbai is promising given that the world is still grappling with the COVID-19 pandemic and a vaccine is yet to be found, property experts told Moneycontrol
Days after Romesh Sobti, former managing director of IndusInd Bank, registered two sea-view units in Oberoi Realty’s uber luxury project in Mumbai’s Worli worth Rs 38.15 crore at Rs 4.60 crore each, Anurang Jain, the Managing Director of auto component maker Endurance Technologies, purchased twin units in south Mumbai's Carmichael Residences for Rs 100 crore.
The two apartments were registered for Rs 5 crore each on July 7, brokers told Moneycontrol.
The billionaire has bought unit numbers 1901 and 1902 of the luxury tower. The apartment size of each unit is 3,181.41 square feet and comes with four car parks. The price of each unit is Rs 1,57,163 per sq ft.
The premium 20-storey residential tower is being developed by RA Realty Ventures. It has two apartments on each floor. The project has received an occupation certificate, real estate brokers told Moneycontrol.
A raft of transactions for commercial and residential properties were finalised at the Mumbai registration and stamp duty department after it reopened for business on May 18. Roughly 20 residential transactions, valued at more than Rs 10 crore, were registered in June.
At least 1,642 documents such as agreements of sale, mortgages and tenancy as well as sale deeds valued at Rs 176 crore were registered in May and June, according to data shared by the stamp duty department of Mumbai.
In June, a buyer bought a property in an Indiabulls project in Lower Parel for Rs 15.2 crore and registered it for Rs 76 lakh.
A unit in a project named The Residences by Runwal Developers in Malabar Hill was sold for Rs 25.47 crore and registered for Rs 1.27 crore in June, a broker said.
A 3,261 sq ft property in Artesia project in Worli by K Raheja Corp was bought for Rs 19 crore and registered for Rs 95 lakh, a broker said.
The number of housing registrations have bounced back by 33 percent with 1,250 transactions in June. In value terms, these sales are worth roughly Rs 1,920 crore, a source said.
The Mumbai registration and stamp duty department also amassed Rs 2,581 crore in 2019-20 compared with the targeted Rs 2,630 crore for both commercial and residential properties.
Housing deals in Mumbai began on a strong note at the start of the year. In January and February, there were 4,300 and 4,250 transactions — 6-8 percent higher than the monthly average — valued around Rs 5,750 crore each, according to statistics by CRE Matrix, a real estate intelligence firm.
The transactions halved to Rs 2,500 crore or Rs 3,000 crore in March as a slowing economy and coronavirus fears smothered the market.“The uptick in transactions is promising given that we are still grappling with the COVID-19 pandemic and a vaccine is yet to be found,” said Abhishek Kiran Gupta, CEO, CRE Matrix.