April 2021 in the 21 days saw more sales compared to what it was in April 2019. However, the revenue has gone down. Read to know what are the reasons for the more sales but less revenue.
By Varun Singh
Mumbai in the 21 days of April has seen more sales than it witnessed in the entire month of April 2019 and even in April 2020.
In April 2020 there were Zero sales registered in the city of Mumbai as registration offices were shut due to lockdown imposed because of the pandemic.
In April 2019 a total of 5940 sales were registered in the city of Mumbai. From these sales a revenue of Rs 460 crore. was generated.
This revenue includes stamp duty and registration fees paid during the registration.
In. April 2021, within the 21 days of the month a total of 6413 sales have been registered, which higher than the sales registered in. April 2019.
However, the revenue generated is merely Rs 357 crore. There are two main reasons which. developers attribute to the less revenue collection in April 2021.
The developers body is happy that in spite of a pandemic and the state government taking away the stamp duty cut benefit, April 2021 has shown good sales.
Anand Gupta, chairperson, Housing and RERA committee of Builders Association’s Of India said, “First of all we in BAI happy to see that in spite of all odds of pandemic number of transaction and registration are more than April 2019 and April 2020.”
As regards to less collection of amount inspite of more transaction, Gupta says, the revenue amount is lesser compared to earlier years is mainly because first homebuyers who have paid concessional rate of 3% as against current 5% stamp duty (up to March 31) they are eligible to register as they have paid stamp duty prior to end of March.
The second reason according to Gupta is, the 1% concession given to all woman purchaser. “Obviously people are preferring to purchase flat /property in female member of family to get 1% concession in stamp duty. Thirdly even most of business houses/ people are avoiding or postponing big money transaction because of cash crunch in their present business, these are the main reason for less collection of total stamp duty,” said Gupta.
Also Read: Stamp Duty Concession, Woman To Pay 1% Less
