Feb 2021 has created a history, in the real estate industry. In the 28 days of Feb 2021, the realty market witnessed 10,172 sales almost double of what is sold last year in the same month.
By Varun Singh
Real Estate indsutry is busy penning histories, after December 2020 broke all realty records.
Feb 2021 is here to set new realty records too.
In the 28 days of Feb 2021, the real estate market of Mumbai sold a whopping 10,172 units.
This is almost double than what Mumbai sold in the Feb 2020.
In Feb 2020 the total sales stood at 5,927 units, Febb 2021 has set a record.
Feb 2021 would be the first February month in ages where such high sales have been recorded.
The main reason here can be easily attributed to two factors.
First being the reduction in stamp duty, till March 31, 2021, one has to pay only 3% stamp duty compared to the 5% he would have normally paid.
The second being that developers have not increased prices and are ready to negotiate with homebuyers.
CREDAI MCHI President, Deepak Goradia, on the rise in home sales had said, “The past few months have re-laid the foundation of the Real Estate sector not just in MMR but the entire state of Maharashtra, largely owing to the progressive and decisive measures taken by the State Government to galvanize the sector in the post pandemic era.”
In the month of January a total of 10,412 sales were registered with the Department of Registration and Stamps.
The highest ever sales that was recorded in the history of real estate in Mumbai was in December 2020, when the sales figure stood at 19,581.
“Homebuyers, at the back of Covid – 19, have also fully comprehended the importance of owning a house and have been registering interest owing to a number of favourable buying factors. We expect this strong tide to continue till March and hope to sustain this momentum beyond March as well.”CREDAI MCHI President, Deepak Goradia,
In the month of March, with the stamp duty discount coming to an end, the sales are expected to go high.
Builders may end up offering more discounts and freebies if any so as to attract homebuyers.
Also Read: January Sold These Many Less Homes Than Dec