Fewer working days in October affect property registrations in Maharashtra
Publish on : 2022-10-29 11:36:59
Data shared by the property registration department showed that 1.62 lakh properties were registered and Rs3,211.5 crore collected this month (till 27th)
PUNE: Fewer working days during the festive month of October have led to a fall in the average monthly property registration to 1.5 lakh as against the average of 2 lakh from April to September this year.
Data shared by the property registration department showed that 1.62 lakh properties were registered and Rs3,211.5 crore collected this month (till 27th) . October had 18 working days as against 20- 22 days the months before. “This could have impacted the property registration figures this month. Besides, citizens travelling out of the state during the festive season may be another reason” said a senior property registration department official.
In the last six months (April to September) this year, the property registration department has been logging nearly 2 lakh registrations on an average per month. Deputy Inspector General (IT) Suhas Mapari said October had 13 holidays, which included the weekends, Dasara, and Diwali breaks. “Some collectors declared more holidays locally, which further reduced the working days. We still have three more working days this month and expect some more registrations.”
The realty sector is, however, not worried by the October show. Confederation of Real Estate Developers Association of India’s (Credai)-Maharashtra president Sunil Furde said during the festive season, many developers went online with registrations from their own offices amid several walk-in inquiries and bookings. “It takes at least a month for paperwork and actual registrations. The festive season has been good and the next two months will witness an uptick in property registrations,” he said.
Credai national vice president Shantilal Kataria told TOI that the number of working days could have affected the registrations, as both Dasara and Diwali festivals were in October. He, however, sounded confident that the steady inquiries in October would lead to a surge in registrations in the next two months. “Inquiries continued during festivities and there was no impact on the realty market,” he said.
A potential buyer, who has checked on several projects this festive season, said he was zeroing in on one project in the city. “I have confirmed the deal with the developer during Diwali and am working out the details with the bank for the loan. I will get the property registered next month,” he said.
The recent report by property consultant Anarock states that the total housing sales are expected to exceed 3.6 lakh units in the Top 7 cities, which includes the Pune and Mumbai metropolitan areas, in 2022. The last such peak was witnessed in 2014, when 3.43 lakh units were sold.