No stamp duty cut yet October 2021 has managed to break several realty records. Till Monday evening Mumbai had registered sales of more than 6400 units, which is way higher than October 2019 sales.
By Varun Singh
October heat is what October is known for however, October 2021 is also going to be known for breaking reality records.
Till Monday evening Mumbai city had witnessed more than 6400 sales, which is way higher than the sales recorded in the month of October 2019.
in the year 2020 October month had registered 7928 sales but the main reason behind it was the stamp duty discount.
Last year the government of Maharashtra scheme of the stamp duty discount be home buyers registering their home purchase between September 1 till December 31, 2020 when given at 3% discount whereas home is being registered between January 1 to March 31, 2021 received a 2% discount on stamp duty.
Last October it was this stamp duty discount that made a bumper sale registration in the city of Mumbai.
In October 2019 the total sales registered in Mumbai city stood at 5811. However, this month till Monday evening the sales had already crossed the 6400 mark.
So what is it that is aiding the realty sales in the month of October in Mumbai, obviously it is not the stamp duty discount because there exist none.
The main reason is the pent-up demand which came out due to festive discounts.
The second wave of COVID-19 had put people on a back foot who wanted to invest in real estate because the primary focus was on health and the medical expenses.
However, with with the number of patients going town and government relaxing the restrictions people have started coming out.
Attract these fence sitters, the real estate community came up with lots of discounts during this festival season.
Normally, home buyers also expect a lot of discounts during festival seasons and many people invest in real estate in this period only.
Apart from discounts the interest rates are at the lowest at present in the country banks are also offering various offers to homebuyers.
The pent-up demand when amalgamates with the festive offer as well as the low interest rates home buyers who have been wanting to invest in real estate have come out and started buying homes which reflects in the registration figures of Mumbai city.
while there is still one week for the registrations for the month of October in Mumbai already October sales have crossed the October 2019 mark and seems like it may be close to or probably more than what October 2020 had registered in the city of Mumbai.
Good number of sales means good news for the real estate industry because the real estate industry was one of the worst affected industry during the Covid 19 led pandemic.
Many developers are giving various discounts which also is attracting homebuyers.
Developers if want to continue with this festive bonanza sales they will have to stick to the prices because no rise in home prices is one of the main reason why homebuyers are investing in real estate.