'Only 7% property registrations in Mumbai in April new residential sales'

Fresh demand was affected due to the second wave of the Covid pandemic and expiry of the reduced stamp duty period, according to Knight Frank India

Only seven per cent of property registrations in Mumbai were from new residential sales and 93 per cent of registrations were from transactions between December 2020 and March 2021, for which applicable stamp duties were paid during the lower rate window, said a report by Knight Frank. 

The Maharashtra state government in December 2020 had given a leeway of four months to homebuyers to register a property after the payment of stamp duty in order to prevent crowding of registration offices. This ensured that homebuyers who had purchased residences and paid stamp duty on or before March 31, 2021, have maximum