Mumbai Home sales in the month of October 2022 was less than that of the sales in the month of September, even less than that of October 2021 figures.
By Varun Singh
Mumbai home sales figure this month that is October was less than what we witnessed last month, not only this number of homes registered in October 2022 was also less than that of the sale figures of October 2021.
Here are the exact figures of home sales that Mumbai witnessed.
Data analyzed by SquareFeatIndia.com from the office of Department of Registration and Stamps, it was noticed that in October 2022, home sales figure stood at 8422 generating ₹736 crore
In October 2021 home sales figure was 8576 generating ₹550.11 crore for the state government, the figure for the month of September 2022 stood at 8628 registrations generating ₹734.18 crore.
What is surprising that it was Diwali last week, Dhanteras and Navratri too, yet sales saw a dip. The main reason behind this could be attributed to the announcements that the state government could cut the stamp duty rates.
In the last month at two different event, both the chief minister Eknath Shinde and deputy chief minister Devendra Fadnavis, had hinted at reducing the stamp duty.
Even developers had said that if the government reduces stamp duty, then developers will absorb the rest of the stamp duty that a homebuyer has to pay.
In Mumbai currently one has to pay six per cent stamp duty on their home purchase, there is a 1% discount to women homebuyers. So if one buys a home for ₹1 crore, he would end up saving up to Rs 6 lakh on his investment, if the government reduces the stamp duty and builders absorb the rest of the stamp duty. This is a big discount for a common middle class homebuyer.
Apart from this the RBI has also been increasing the Repo Rate thus leading to a hike in the interest rates. These are few of the reason why probably Mumbai saw a dip in the home sales in October.
Also Read: Mumbai in September sold 8560 homes more than August & in spite of Shradh
