November 2020 Registers Highest Sales Since 2012
The month of November 2020 has proven to be the best for the real estate industry. In spite of the year 2020 being shadowed by COVID, November has registered the highest sales since 2012.
By Varun Singh
COVID 19 has given much of an opportunity for the real estate industry to celebrate in the year 2020.
However, the month of November 2020, surely has provided the realty industry a reason to smile.
November 2020 has broken all records and registered the highest sales in the city of Mumbai since the year 2012.
Yes heard it right, figures accessed by SquareFeatIndia shows that, 9,301 sales took place in November 2020.
This figure is way higher than the previous nine years and even when compared to the other months of 2020, November performed exceptionally well.
|Month||Number of sale documents registered|
|Month (in 2020)||Units sales|
In November 2020, the revenue generated by the registration of 9,301 sale documents is Rs 287 crore.
The major reason being attributed to the rise in sales is the stamp duty cut by the state government. Currently in a city like Mumbai stamp duty stands at 2%.
“Limited period stamp duty cut continues to remain the biggest catalyst for residential sales in Mumbai.”Shishir Baijal, Chairman and Managing Director, Knight Frank India
Baijal further says, ” The sales were also augmented by the festive period, lowest ever home loan rates and incentives extended by developers.”
Developers are also citing the same reason for the high rise in sales.
Deepak Goradia, President, CREDAI MCHI said, “With low home loan rates, stamp duty reduction and offers by various developers, it is safe to say that it’s the best time to invest in Real Estate, especially in the MMR Region. Hence, it is of no surprise that home sales registrations have also increased, providing more definite evidence of improving homebuyers’ sentiments and gradual revival of the sector. We expect this upward trend in demand to continue beyond 2020 and into the new year.”