Mumbai likely to see 7,000 property registrations in September 2021: Motilal Oswal Financial Services

According to a report by Motilal Oswal Financial Services (MOFSL), Mumbai is likely to see 7,000 property registrations in September 2021.

Representative Image. Source: Reuters

Mumbai is likely to see 7,000 property registrations in September 2021, as per the estimates provided by Motilal Oswal Financial Services (MOFSL) on Wednesday.

According to the report by MOFSL, more than 6000 units have already been registered in the first 21 days of September, surpassing the September 2018 total of 5913 units.

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"While registrations will begin to drop with the advent of 'Shraad,' even if 50-100 units are registered every day, overall registrations will be ~7000 units which will be a record in last decade," the report said.

The average daily registration in September was 300 units, up from 225 units in August. Even without specific tax breaks or stamp duty exemptions, the numbers continue to rise. As a result, this pattern can be safely extrapolated to other big cities, the report added.

Godrej Properties Ltd, Macrotech Developers Ltd, Oberoi Realty Limited, and Sunteck Realty Ltd are some of the prominent listed companies with a presence in Mumbai.

Godrej Properties was trading at Rs 1,897.00, up 173.35 points or 10.06 percent at 1:13 pm on NSE. Macrotech Developers Ltd was trading at Rs 1,054.00, up by 35.85 points or 3.52 percent on NSE.

Similarly, Oberoi Realty Limited was trading at Rs 767.80 with a gain of 43.05 points or 5.94 percent. While, Sunteck Realty Ltd was at Rs 466.30 with an increase of 17.85 points or 3.98 percent on NSE.

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