By Aditya Raghunath
Investing.com -- Mumbai’s real estate market, the barometer for real estate in the country, has continued its momentum in January 2021 as property registrations in the city surged 69% from the same period in 2020. A report by The Economic Times said that there were 10,412 agreements registered by home buyers according to data from the office of the Inspector General of Registration Maharashtra.
All 26 Mumbai offices were open on all Saturdays in January in order to register the higher number of agreements.
On January 7, investing.com reported that “…the MMR (Mumbai Metropolitan Region) saw a jump of 67% registrations in November 2020 compared to 2019 and recorded its highest ever sale of units in December 2020 at 19,220 flats according to property consultants Knight Frank.”
While the number of home agreements for January is high, the same can’t be said about real estate companies that operate in the city. Companies like Godrej Properties Ltd (NS: GODR ), Oberoi Realty Ltd (NS: OEBO ), and Indiabulls (NS: INBF ) Real Estate Ltd (NS: INRL ) have seen stock prices drop in the New Year.
Oberoi Realty has dropped around 10% from Rs 590 to Rs 530. Godrej Properties has dropped over 11% to Rs 1,266 while Indiabulls Real Estate has dropped 7.5% to Rs 74.
The numbers indicate a weakness in the market at present. The Budget should shed more light on what real estate companies can expect in 2021.
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