Mumbai in the month of June saw a total of 7,857 sales, this is up from May, where 5,360 sales took place. Developers feel the sales figures will see a rise in the coming months.
By Varun Singh
In the month of May, the total sales in Mumbai were 5,360 sales, which was almost 50% down when compared to the April figures, which stood at 10,135 sales.
However, June has given hope to the real estate community with sales figures reaching 7,857 units. Developers feel that sales in the coming days will pick up.
The total revenue generated from these sales in the month of June stood at Rs 420 crore.
Between September 2020 to March 2021, the state government gave several relaxations in stamp duty.
This had accelerated the growth in the numbers of registration in the city and the state.
In the June figures there are is a possibility of many registrations of which stamp duty was paid way back in March, and were allowed to register within a specific period.
Here is what real estate industry experts had to say on the rise in sales in June 2021 in the city of Mumbai.
Manju Yagnik, Vice-Chairperson Nahar Group and Senior Vice President, NAREDCO Maharashtra, said, “The pandemic has proved to be a good opportunity for first-time home buyers and end-users to take advantage of the bottomed-out prices and low-interest rate regime. Both Mumbai and the MMR region are seeing steady sales growth, and projects which are available at all-time best affordability in Mumbai and the surrounding MMR region are driving the sales. Secondly, the increased availability of budget and mid-range segments homes and that too in townships with ready social infra and packed with wellness quotient have attracted the buyers converting into sales. The ongoing pandemic and new-normal trends like work-from-home and e-schooling will further contribute to sales in the coming months. We request the state government to support the industry facing difficult times in the second wave and reintroduce the stamp duty waiver till March 2022, which will encourage buyers to invest in real estate.”
Deepak Goradia, President, CREDAI MCHI, said, “While the property registrations and stamp duty revenue may have marginally increased in June, which is largely due to the spillover effect from previous months, the overall momentum has definitely been affected due to the decision to not extend the stamp duty rebate. The second wave has also played a part in subdued homebuyer sentiments which have been validated by CREDAI’s report on the impact of the same. The second wave has also evidently resulted in decreased collections for the State Government – with June accounting for roughly 50% of the total collections in March 2021, underlining the need for a stamp duty cut which is also the demand of 77% of developers of the country, to ensure that the momentum of real estate and economic revival stays on its tracks.”
Anand Gupta, chairperson, Housing and RERA committee Of Builders Association of India, “Opening up of economic activity from lockdown of April May by Maharashtra Government in the majority of the sectors has improved the sentiments and confidence of buyers. More than 7,500 sales getting registered is definitely a result of that. I feel it will go further up in July.”