Mumbai real estate sales are on a high speed in terms of sales. In 16 days of December 2020, Mumbai saw 7905 sales, which is way higher than the 6433 sales in entire December 2019.
By Varun Singh
If the start of 2020 was one of the worst years for Mumbai’s real estate Industry then the end of the same year has proven to be the best for the industry.
Only in 16 days of December 2020, Mumbai witnessed 7905 sales, in December 2019 the figure for the entire month stood at 6433.
If sales continues at this pace then December 2020 may break all records. already November 2020 with 9301 sales the record since 2012 stands broken.
Research by SquareFeatIndia shows that, in the first 18 days of November 2020, the sales figure stood at 5574 units.
Going by that logic December which has registered 7905 sales in Mumbai in 16 days may end up breaking the record of November. Thus ending up breaking all records set by the real estate industry in terms of sales.
Mumbai and the entire state of Maharashtra has witnessed a rise in sales from September after the government announced a stamp duty cut.
Till December 2020, anyone buying a house in Mumbai will have to pay a stamp duty of 2%, instead of the earlier 5%.
Stamp duty will be 3% from January 1, to March 31, 2021, the reason for the spike in sales can easily be attributed to the stamp duty cut.
Apart from this many developers in Mumbai city have offered to even bear the cost of the stamp duty this along with the discounts that developers are already offering.
Figures from the Department of Stamps and Registration have show a constant increase in the number of sales taking place in the city.
Housing experts claim that the surge will continue till the end of the stamp duty cut discount remains.
The high sale figures also includes many purchases that were carried out earlier but were registered on a later stage to avail the benefit of the stamp duty cut.
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