Real Estate industry in Mumbai has set a record, first time in the history of real estate, sales have surpassed 10K mark. Till Sunday 10,522 sales were registered, previously November 2020 held the record of 9,301 sales.
By Varun Singh
In the history of Mumbai’s real estate sector, the first 20 days of December has broken all realty records.
For the first time Mumbai’s real estate market has surpassed 10k mark. Which has never happened earlier.
Mumbai’s real estate industry saw a total of 10,522 sales being registered till Sunday that is December 20.
Till now the highest sales registered was in November 2020, where a total of 9,301 sales were registered.
Compare it with December 2019 figures where in the entire month only 6,433 sales were registered.
The main reason being attributed to this rush for registration of sales is, the end of season sale in stamp study.
Till December 31, 2020 the stamp duty one has to pay in Mumbai is 2%, which means a direct 3% savings. In Mumbai before September 2020 the stamp duty was 5%.
The government announced a stamp duty cut of 3% till December 2020 and 2% cut till March 31, 2020.
Apart from this the home loan interest are at the lowest, and to top it all, developers are giving heavy discounts on the prices.
Many developers have even absorbed the 2% stamp duty and are willingly paying it on behalf of homebuyers too. This has added to the savings of the home buyers.
Developer Arvind Goel says, “The real test for the real estate industry will begin from January, when the stamp duty cut will decrease from 3% to 2%.”
“Most homes sold during this time is that of the affordable segment. Luxury market would hardly comprise of 5% of the total sales.”Arvind Goel, Developer
Real Estate market was one of the worst hit during the Coronavirus led Pandemic, when the migrant labour started reverse migration.
According to experts, the realty market in the city of Mumbai was expected to break records till end of the month. In 20 days history has been created.
Sales were hit heavily, in the month of April during lockdown in Mumbai no sales took place.
Sales picked up only in September after the stamp duty cut and the market has been going strong since then.