In the first 20 days of September, Mumbai sold more homes than entire 31 days of August. Registration figures reveal that Mumbai saw 2,642 sales in August, in 20 days of September the figures reached 2,717.
By Varun Singh
Mumbai city saw a huge rise in the sales of homes in the first 20 days of September. Figures from the registration department show, Mumbai sold more homes till September 20 compared to the 31 days of August.
In August the sales registered with the department of registration in the city of Mumbai stood at 2,642.
For the first 20 days of September the number of sale documents registered with the department stood at 2,717.
Experts say the September figure would have crossed the August mark earlier but didn’t because of Pitra Paksha that began on September 2 and lasted till September 17.
During Pitra Paksha many do not go ahead with any work that they consider important. Registering a home is said to be an important aspect of one’s life.
According to Rajiv Jain of Ruchika Shelter, on Friday, there was huge rush at the registration offices in the city and state.
The reason being end of Shradh and also the state government reducing stamp duty to 2%.
The reduction in stamp duty also led to a lesser revenue collection in September compared to August.
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In August the registration revenue from 2,642 sale stood at Rs 176 crore. While till now in September the revenue collected stood at Rs 95.47 crore from registration of 2,717 sale documents.
In August the stamp duty was 5% of the total flat value, while at present it is 2%.
While stamp duty was reduced throughout the state, the ready reckoner rates were hiked by a marginal 1.74%.
Mumbai witnessed a minor reduction of 0.6% in the ready reckoner rates.
A realty expert says the number of sales in Mumbai will increase by this month end. “The expectation is that with festive season approaching the sales will increase. Covid has brought everything to a grinding halt, things are picking up slowly and this is a sign, a good sign.”
In July 2,663 sales took place in Mumbai, this gave the registration department Rs 214 crore.
Rs 153.20 crore was generated by registration of 1,839 sale documents in June.
In May, 207 sale took place that generated Rs 16.37 crore for the stamp duty and registration department.
In April no sale document was registered, only 27 Leave and License documents were e-registered which generated Rs 43,547.
Slowly and gradually the real estate market is picking up, the number of sales registered is a positive news for the sector.
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