Registrations of Property in Delhi cross pre-Covid-19 levels in September

Property registrations in Delhi have crossed the pre-Covid-19 levels in September with the government collecting Rs 284.59 crore in September 2020 compared to Rs 277.41 crore in September 2019, as per the government records.

The other two NCR markets, Noida and Gurugram, are also showing signs of recovery.

In Noida, the property registrations have reached 80% of the pre-Covid level and are expected to reach pre-Covid-19 levels during the upcoming festive season.
 

However, the number of properties registered in Gurugram in September 2020 was 25% of last year, largely due to server updation issues following a corruption case in the Haryana revenue department, which slowed down the process.

“We anticipate housing sales in NCR to increase anywhere between 30-35% in the ongoing festive quarter against Q3 2020, which saw nearly 5,200 homes sold. Buyers are focused on securing the best deals,” said Santhosh Kumar, Vice Chairman - ANAROCK Property Consultants.

According to a Noida revenue department official, revenue collected from property registrations in September 2020 was Rs 130.48 crore against Rs 170.61 crore in September last year.

“We are witnessing growth every month. In August 2020, revenue collection was Rs 110 cr against Rs 138.14 cr last year while in July this year the collection was Rs 96.18 crore against Rs 173 cr last year,” said the official.

In Delhi, revenue collection stood at Rs 262.86 crore in July 2020, Rs 283.11 cr in August 2020, and Rs 284.59 cr in September.

This was against Rs 445.9 cr in July, Rs 375.67 cr in August, and Rs 277.41 cr in September last year.

“Buyer preference post the pandemic lockdowns has shifted towards lower ticket sizes without a compromise on the desired unit size. As the Delhi NCR market is huge geographically, home seekers are being able to find desired unit sizes despite spending lesser by moving out to the many flourishing peripheral markets around Gurgaon, Noida, and Greater Noida, to name a few,” said Rahul Purohit - Principal Partner & Head National Sales, Square Yards.
 

“This availability of immense choices is a trait of the Delhi NCR market which most other property markets in India cannot match. This is also one of the core reasons for its quick recovery,” Purohit added.

In Gurugram, revenue collection during the July-Sep quarter was Rs 90 against Rs 700 crore during the same period last year.

Officials said that the government had decided to update the software to check the corruption and the offices were working at one-third capacity most of the time.

“Ongoing innovative offers by developers including financial benefits and flexible-payment schemes coupled with prevailing lowest-ever home loan interest rates are a major attraction for homebuyers in NCR. Most of these buyers are end-users who are looking to buy for self-use,” Kumar of Anarock said.

Amidst these offers and schemes, Delhi-NCR saw housing sales jump up to 5,200 units - a whopping 148% - in Q3 2020 against the preceding quarter.