Mumbai leads in property registration in a decade in April; over 10,136 completed deals
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Mumbai leads in property registration in a decade with over 10,136 completed deals for April. Citing data from the Inspector General of Registration, Maharashtra, a report in
Economic Times said the completed deals led to stamp duty revenue collection of Rs 514 crore in April.
Buoyed by a cut in stamp duty along with resurgence in realty demand, housing sales in Mumbai in March 2021 increased 234 percent over the same period last year, according to a report by Knight Frank India.
While March 2020 noted registrations of 3,798 units, March 2021 saw 12,696 units being registered, said the report.
Monthly real estate rentals fall in India’s most expensive locations
Average monthly rentals hovered between Rs 1,000-1,100 per sq. ft. as on Q1 2021-end against Rs 1200 a year ago.
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| A+A A- By Express News Service
NEW DELHI: Rental prices for real estate across key high street markets in India s top cities have witnessed a significant correction as Covid-19 pandemic continues to wreak havoc on the country s economy.
According to property consultant Anarock, India s most expensive retail hub Khan Market (Delhi) saw average monthly rentals reduce by 8-17 per cent in Q1 2021 (January-March) against Q1 2020. Average monthly rentals hovered between Rs 1,000-1,100 per sq. ft. as on Q1 2021-end against Rs 1200 a year ago.
Given the dull scenario, the average monthly rentals across retail markets correct between 2-30 per cent. With Covid-19 wreaking havoc in the country, average monthly rentals across the key high street markets in top cities witnessed some corrections. As per recent data by ANAROCK Retail Research, the iconic retail hub in Delhi – Khan Market – saw average monthly rentals reduce by as much as 8 per cent to 17 per cent in Q1 2021 against Q1 2020.
Likewise, high street markets of Kala Ghoda, Bandra Linking Road and Fort in Mumbai (one of the worst-affected city) also saw high street retail rentals decline anywhere between 5 per cent to 10 per cent during the same period.
High-street rentals still suffering in key markets
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Synopsis
The study said the iconic retail hub in Delhi – Khan Market – saw average monthly rentals reduce by 8% to 17% in Q1 2021 against Q1 2020. Likewise, high street markets of Kala Ghoda, Bandra Linking Road and Fort in Mumbai also saw high street retail rentals decline anywhere between 5% to 10% during the same period.
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Retail sector has been one of the worst affected due to the pandemic since early 2020.
The coronavirus pandemic continues to hit India s retail property hard, with average monthly rentals across the top key high street markets in major cities witnessing a correction, as per a report by Anarock retail.