Mumbai sees a dip in home sales, in the month of May.
In May till 7 pm 9,794 sale agreements were registered. These sale agreement registration got the state a revenue of ₹830 crore.
Now let’s compare these figures with April, in April Mumbai saw a total of 10,514 sale agreements being registered.
In April, the revenue generated was ₹899 crore via stamp duty.
In March the registration figure stood at 13,151 while the revenue generated was ₹1,225 crore.
Even when one compares the registration figures with May 2022, this year the number haven’t seen any increase.
In May 2022, the registration figure stood at 9,838 while revenue generated via stamp duty stood at ₹726 crore.
So what has led to a decrease in the home sale figures, even though the home prices hasn’t increased in Mumbai.
Firstly the global slow down, has impacted the economy, thus impacting the spending capacity. Many home buyers have taken the wait and watch approach.
There was a sense amongst many homebuyers that the stamp duty shall see some cut or government may offer a discount but that didn’t happen.
Also the home loan interest hike because of the global slowdown and unrest has impacted the homebuyers capacity to buy a house.
Also Read: Mumbai stamp duty collection at a 10-year high in April 2023, property registrations dip
