In 30 days of March the city of Mumbai witnessed a sales of 16,941 units. In Decembber 2020 the sales had crossed the 19k mark which was a history.
By Varun Singh
Housing sales in the month of March haven’t disappointed, the real estate industry.
With one day remaining for the month to end, already 16,941 sales have been registered in Mumbai.
The highest ever sales that the city of Mumbai witnessed was in December 2020.
In December 2020 the sales according to the Department of Registration and Stamp figures stood above the 19,584.
The biggest reason attributed to the sales being high in December was the end of the 3% discount on stamp duty.
Similarly on March 31, the 2% stamp duty discount will also come to an end. This is the reason why people are rushing to register their apartments.
With the sales of 16,941 units the state government generated a revenue of Rs 765 crore from stamp duty and registration fees.
In the month of February the figures stood at 10,721 units, while in January it was 10,412 units.
Meanwhile, MMR’s y-o-y decline in unsold housing highest among major 7 cities in Q1 2021, – from 2,13,180 units as on Q1 2020-end to approx.1,97,040 units by Q1 2021-end.
According to a Anarock report, Of approx. 20,350 units sold in MMR in Q1 2021, 68% in Mumbai, 18% in Navi Mumbai & 14% in Thane.
According to Anuj Puri, Chairman – ANAROCK Property Consultants, “A reduction in overall acquisition cost by anything between 5-15% made a huge difference in buyer sentiments. Low home loan interest rates and developer discounts, and timely intervention of the government by ways of stamp duty reductions and a 50% cut in premium charges also helped the region get its mojo back even during COVID-19.”
With one day remaining, the developers community is demanding that the stamp duty concession be extended.
CREDAI MCHI has even written a letter to the state government’s revenue minister to consider their demand for a 12 month extension of stamp duty cut.
