Realty Sales in Mumbai, back to Pre-Pandemic days
Realty sales in Mumbai are back to the pre-pandemic days and we are saying this based on the data available not just some random survey.
By Varun Singh
This will depend on how one reads the figures available when it comes to realty sales.
In the 24 days of August 2021, the city of Mumbai witnessed 4,916 realty sales. Still 6 days are remaining for the month to end.
In August 2019 a total of 5,873 sales were registered in city of Mumbai.
Up till now in August 2021 the revenue generated is Rs 310 crore, whereas the revenue generated in August 2019 was Rs 500 crore.
The Corona virus led pandemic brought in lockdown in the end of March 2020, since then every thing came to a standstill and the impact of the lockdown was visible on realty sales too.
In August 2020, only 2,642 realty sales were registered in the city of Mumbai generating Rs 176 crore only.
The state government in 2020 announced a concession of 3% and 2% on stamp duty which propelled the real estate sales across.
The government had announced stamp duty discount of 3% from September 1 to December 31, 2020, the discount was 2% between January 1 to March 31, 2021.
The sales figure touch an all time high in December 2020 and then again in March 2021, as many homebuyers wanted to take the benefit of the same.
The real figures of realty sales are visible now, as the government had allowed homebuyers a four month time to register their deals who had paid the stamp duty till March 31, 2021.
Since August fresh sales are being registered, which is showing the real state of the real estate industry in the city.
For a long time, most developer bodies have been demanding that a discount in stamp duty be brought in once again to increase sales. The state government hasn’t given its go ahead yet.
The developer bodies are hopeful that their demand of stamp duty concession will be heard soon.