April month was expected to not perform well in comparison to March, especially post the stamp duty hike, did it happen? We answer it here.
By Varun Singh
Mumbai city in the month of March generated over ₹1k crore from stamp duty and registration by sale of homes in the city. This was the highest in Financial Year 2021-22.
It was expected that in April the figures will dwindle and the momentum shall fade away. The reasons being hike in stamp duty and ready reckoner rates.
But did that happen! While we answer the question in detail before that let’s see how the last few months performed in terms of home sales.
Let’s start with April 2021, in the first month of FY-2021-22 a total of 10,135 sales were registered generating ₹514 crore.
In May the impact of COVID 19 second wave was clearly visible where only 5,360 sales were registered generating only ₹268 crore.
June month saw a total of 7,856 home sales registration with a revenue generation for the stamp duty office worth ₹420 crore.
July was better, where 9,822 sales got registered the revenue generated was ₹566 crore.
August, September, and October saw 6,784, 7,804, and 8,576 sale registration while revenue generated was ₹420 crore, ₹529 crore, ₹550 crore respectively.
November saw a dip compared to October where 7,582 sales were registered in the month generating a revenue of ₹549 crore.
December month generated a revenue of ₹758 crore via 9,681 sales.
January saw 8,155 sales generating a revenue of ₹478 crore.
February had also performed good when it came to sales registration in the entire FY 21-22. A total of 10,379 sales were registered in February generating a revenue of ₹614 crore.
By the end of the financial year Mumbai witnessed over 16,726 which generated over ₹1,160 crore.
This is the highest revenue generated in the entire financial year 2021-22.
There was a rush amongst homebuyers to register their sales for a reason. Starting April the stamp duty saw a hike.
However, looks like the odds didn’t play and it’s a good sign, in April the government saw 11,744 home sales being registered in Mumbai.
Via these sales the revenue generated stood at ₹738 crore. Second highest since April 2021.
Now let’s see what happens in the coming month the Metro infrastructure cess will it have an impact on the home sales in the coming days.
Also Read: Future sentiment reflects cautious optimism across realty industry: Hiranandani
