PUNE: The real estate sector in Maharashtra has started gathering pace since December 2021 and was nearing the pre-pandemic level in terms of property registration and revenue collection by the end of February this year.
Over 2 lakh property documents were registered in Maharashtra on an average in December last year and January and February 2022, despite the surge in Covid cases triggered by its Omicron variant and the real sector not enjoying any sop such as stamp duty waiver.
Till February 27, the 2021-22 financial year witnessed registration of 20,70,540 properties and revenue collection of Rs 26,907 crore. This was in comparison to 27,68,493 property registrations and Rs 25,651.62 crore revenue collection in the previous fiscal, when the stamp duty waiver scheme was in place. The corresponding figures in the pre-pandemic financial year 2019-2020 were 28,22,961 and Rs 28,989.29 crore respectively.
Except in June, property registrations have been below 2 lakh for each month till November 2021. Data revealed that the average monthly registration of real estate projects was around 2 lakh in the pre-pandemic year.
Maharashtra witnessed the uptick in the real estate sector in December with the last month of 2021 witnessing registration of 2.44 lakh properties, followed by 2.10 lakh in January 2022 and 2.05 lakh till February 27.
