Property registrations in Delhi cross pre-Covid-19 levels in September

NEW DELHI: 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 property 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 collectionwas
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 NCRmarket 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 flexipayment schemes coupled with prevailing lowest-ever
home loan interest rates
are a major attraction for homebuyers in NCR.
Most of these buyers are endusers 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.