NCR house registrations dive amid lockdown | Economic Times

NEW DELHI: Property registrations in Delhi-NCR dipped by 68% on-year in May and June amid the lockdown. In April, a few properties were registered in Noida and Ghaziabad but none in Delhi, Gurgaon and Faridabad. More property sales were recorded in May, when lockdown measures were eased, but total number of registrations in Delhi-NCR was down 85% on-year. In Ghaziabad, registrations were down by 93%. Noida, which holds most unsold inventory in NCR, was worst-affected, with 86% drop in number of property registrations in May-June. However, June saw a slight pickup in numbers. 76805176“Our average monthly revenue collection has gone down to Rs 50 crore from Rs 150 crore. The first quarter used to be most fruitful in terms of revenue, but this year there is hardly any activity,” said SK Tripathi, assistant inspector general, stamps and registrations department, Noida. Data shows 42,228 properties were registered in May-June in five NCR towns against 140,778 last year. Even the Delhi market saw a sharp fall in registrations. Number of properties registered fell from 29,467 in May 2019 to 6,391 in May 2020, and from 24,709 in June 2019 to 14,165 in June 2020.“We are seeing some recovery and expect the revenue from property registration to reach the last year levels in another 2-3 months. In May and June, our revenue was Rs 216 crore against Rs 538 crore last year,” said a revenue official in Delhi.International property consultant JLL in a report said homebuyers deferred purchase decisions due to the pandemic, resulting in a 30% decline in sales in Q1 of 2020.In the short-term, developers will focus onoffloading unsold inventory.