Stamp Duty from January 1, 2021 was hiked to 3% from 2%, there were fears that this 1% hike would slow sales. But sales haven’t slowed down, instead January 2021 in 18 days saw sales more than January 2020.
By Varun Singh
From January 2021, Stamp Duty in the city of Mumbai was hiked to 3%. It was expected that this will impact realty sales.
However, figures from the Department of Registration and Stamps shows that the sales figures are good enough to dismiss the fears.
In spite of Stamp duty increase to 3%, Mumbai in 18 days of January 2021 witnessed a total of 6098 sales.
In the entire month of January 2020 the sales figure stood at 6150.
The state government in August 2020 had announced that for the period between September 1, to December 31, the stamp duty shall be reduced by 3%. The same will be reduced by 2% between January 1, 2021 to March 31, 2021.
In Mumbai the stamp duty stood at 5% earlier and post the government’s announcement it was brought down to 2% till December 31.
Now till March 31, 2021, the stamp duty in Mumbai will be up to 3%.
December already has created history, as it was for the first time, that sales in Mumbai crossed the 15,000 mark.
With no slowdown in sales it appears that the homebuyers are still in market who are willing to spend for a house.
Also Read: Bhushan Kumar Of T-Series Paid Rs 167 Crore For Juhu Bungalow
