PUNE: Maharashtra recorded higher property registrations and revenue in March and April this financial year as compared to the same period last fiscal, indicating continued buoyancy in the real estate market amid unchanged ready reckoner (RR) rates.
The state recorded 3.35 lakh property registrations and clocked Rs 3,767.12 crore revenue in April this year as compared to 3.34 lakh registrations and Rs 2,876.40 crore income in the same period last year. In May 2024, the number of registrations and revenue jumped to 3.80 lakh Rs 4,375 crore, respectively up from 3.44 lakh registrations and Rs 3,440.16 crore income for the same month last year.
The upward trend continued into June 2024, with nearly 2 lakh registrations and Rs 2,032.59 crore revenue recorded in the first half of the month (see box). “The property registrations in the state have continued to rise in the first quarter as evident in the April and May data,” a senior registration official said.
Revenue department deputy secretary DS Bajaj said the department had achieved the revised target of Rs 50,000 crore in the last financial year. “Earlier, the set target was Rs 44,000 crore. We expect the steady RR rates will help the sector,” he said.
The RR rates were left unchanged in the 2020-21 financial year because of the Covid-19 pandemic. There was no change in the rates in the 2018-19 and 2019-20 financial year either. In 2022-23, however, the RR rates were increased by an average of 5% across the state.
Property analysts and developers said the data indicated a significant shift in buyers’ behaviour towards high-value transactions. Recent reports also suggested a surge in demand for premium properties across the state. The continued growth in registrations and revenue, despite stable RR rates, highlights the market’s strength and investor confidence in the state’s real estate sector, realtors said.
Latest data available with property consultant Anarock also showed luxury segment gaining markedly in the real estate market.
“Of 1,30,170 units sold across the top seven cities in Q1 of 2024, the share of luxury homes priced over Rs 1.5 crore was 27,070 units or 21%. In Q1 of 2019, affordable housing was at its peak, holding a share of 37% across the top seven cities. Luxury housing had a mere 4% share then,” said Anuj Puri, Chairman- Anarock Group.
“The trend is positive and reflects shifting buyers’ aspirations towards larger spaces,” said a Credai member.
