After creating history in December 2020, Mumbai has seen a decent sale in the first 10 days of January 2021. Sales figure stood at 3,095 units generating a revenue of Rs 82.04 crore.
By Varun Singh
If a book is ever penned down on real estate sales of Mumbai then December 2020, will surely be the month that would find prominence.
The reason being that Mumbai for the first time in realty history crossed the 19,000 sales mark.
However, January which started with a weekend saw the first 10 days seeing a decent sales too.
Till January 10, 2021, data available from Department Of Registration & Stamps a total sales of 3,095 units took place in the city.
These sales generated a revenue of Rs 82.04 crore, for the state government.
From January 1, 2021, the stamp duty that was cut to 2% from September 2020 saw a 1% hike. Which means anyone registering a home now in Mumbai will have to pay 3% stamp duty from January 1 till March 31, 2021.
The first 10 day sales figure might not be anything when compared to December 2020 record, but it does look good when compared to January 2020.
In January 2020 the entire month had clocked a total of 6150 sales generating Rs 454 crore.
Going by the first 10 days figures it wouldn’t be prudent to say that, Mumbai will register more sales in January 2021, than what it had in January 2020.
Why are the sale figures of January important?
The main reason being that December 2020 witnessed over crowding at the registration offices. The stamp duty was at its all time low 2%.
From January 2021, the stamp duty has been hiked by 1%, in cities like Mumbai it is now 3% and hence, there was a worry that homebuyers may stop the rush.
However, the figures from the registration offices are encouraging, while it is difficult for any of the coming months to match December 2020, but the momentum hasn’t fizzled out.
“Sales of 3,095 units in 10 days of which there were two Saturdays and two Sundays, is encouraging. Homebuyers are buying and the stamp duty cut and builder offers is a good pull,” said a broker from Western Suburbs.
Also Read: December Creates History, 2020 Fails To Beat 2019
