The silent revolution in Mumbai’s rental market since 2014: eRegistration
Mumbai’s rental registration mechanism has seen a silent revolution in the last five years. From an only manual mechanism in registration of rental agreements in 2014, today almost 90% of all transactions are done through eRegistration. The ease in registration has had a meaningful impact in compliance as well. Rental registrations in Mumbai have surged 84% since 2015. Data from the Department of Registration and Stamps shows in FY15 a total of 1.35 lakh registrations were done. In FY20, the registrations had increased to 2.49 lakh.
|Year||eRegistration (%)||Total rental registrations|
Source: IGR Maharashtra, BHK Voice