August 2021 saw more sales than it sold in August 2019, but sold less than July 2021. The market is recovering say developers

By Varun Singh

Hard to believe, but August 2021, sold more homes than August 2019, when the world was not suffering from any COVID-19 like pandemic.

However, August 2021, sold lesser homes when compared to July 2021 in city of Mumbai.

In August 2019, a total number of 5873 sales was registered with the Inspector General for Registration and Stamps.

The number was 2642 sales in August 2020, whereas it was 6862 sales in August 2018.

In July 2021 the home sales in Mumbai stood at 9823.

Finally in August 2021 the sales of home in Mumbai city stood at 6784.

According to Anand Gupta of Builders Association of India, “Actually in 2019 August it was 5900 and that time also industry was passing through bad phase because of side effects of Demonetization, GST , RERA etc. Still increase of 13% as compared to 2019 is very Good sign. it means after unlocking ,economy has come back to track and it will improve further.”

Ashok Mohanani, President, NAREDCO Maharashtra, said, “The real estate market has witnessed major bumps and has recovered majestically in the last few quarters. Largely, home-buying spree has massively been affected post COVID, where people have become more stagnant on buying permanent homes rather living on rent.”

Mohanani further added, “Purchasing your own home has consistently been a major part of our Indian ethos. Today, the ‘Mumbaikar’ who has gone to the city in a quest for his/her profession are looking for permanent homes with prolonged rationality and financing costs drifting around 6.5% for a home loan.”

The state head of the builder body says, several provisions have been provided by the government and developers during the unlocking phase of the economy that has made the current time, one of the best ideal opportunities to purchase a home in Mumbai. In 2019, homebuyers did not come across as many lucrative offers and deals as compared to now. Additionally, relatively low home loan rates, convenience in paying EMI and reduced stamp duty, is also encouraging the demand among consumers and fence-sitters.

He further said, “The prolonged moderateness combined with pandemic encouraged necessity for a permanent home, has fueled the home buying in Mumbai. The market has seen an additional interest of 10% over the past quarter for two and three BHK homes in the city.”

Also Read:Realty Sales in Mumbai, back to Pre-Pandemic days

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