Mumbai in the 15 days of the February 2021, has managed to touch the realty sales of February 2020. By end of the month it is expected to double.
By Varun Singh
In the 15 days of February 2021, Mumbai’s real estate industry managed to sell homes which almost touched the entire February 2020’s sales.
Mumbai realty sales for the last few months have been breaking all records.
While December witnessed a sale of 19,581 homes, Mumbai in January sold a total of 10,412 units.
In the 15 days of February 2021, Mumbai has almost managed to sell as many homes as February 2020.
In the 15 days of February 2021, a total of 5,231 units have been sold till evening.
In the entire month of February 2020, a total of 5,927 units were registered with the Department of Registrations and Stamp.
Even the rental market has performed pretty well in the 15 days of February 2021. More than 13,287 rental agreements were e-registered.
In February 2020 a total of 16,768 e-registration of leave and license agreements took place.
The state government in 2020 announced a stamp duty cut. Till December 2020 it was 3% while from January 2021 till March 2021 it is 2% cut.
It was expected that the sales may see a downfall because of the increase of 1% in stamp duty.
However, the city’s real estate industry has maintained the momentum in terms of sales.
Arqam Shaikh, of ARC Associates, Mumbai based architectural firm said, “The registration figures are an indication that there are many who are interested to buy. Even new launches have increased and it is evident with more number of files being filed in the Building Proposal Department of BMC.”
