By Varun Singh

April 2021, has managed to record itself as the best April month for the real estate industry since 2013.

Till Thursday Mumbai city had registered sales of a total 9,549 units.

This is the highest ever sales in any of the April months since 2013.

It is expected that by Friday evening the last day of the April 2021 month the sale would touch 10,000. units.

This would be more or less the same figures that the city witnessed in January and February 2021.

In January 2021, the sales registered in the city was 10,411 units, while in February it was 10,172 units.

In March the sales figure stood at a might 17,728. The high sales figures inn March 2021 was attributed to the ending of the stamp duty cut period.

The state government of Maharashtra in August 2020 had announced a stamp duty cut of 3% till December 2020 and from January 2021 till March 2021 the cut was 2%.

It was because of this that December 2020 witnessed the highest ever sales recorded in the history of real estate industry of Mumbai. The sales in December 2020 stood at 19,581 units.

The registration figures are slowly seeing a decline. The main reason being that from April 2021, the state government brought back the stamp duty as it was earlier.

From April 1, in a city like Mumbai one has to now pay 5% stamp duty for registering the flat purchase.

While a woman homebuyer has. to pay 4% stamp duty.

The another reason for April month to see high registration is also the spill over from March. Many homebuyers had paid the stamp duty before the March deadline and then in April they registered the sale.

Also Read: From April 1 Mumbaikars To Pay 5% Stamp Duty

The post April 2021 Is the Best April For Real Estate Since 2013 appeared first on Square Feat India.

By Varun Singh

Mumbai in the 21 days of April has seen more sales than it witnessed in the entire month of April 2019 and even in April 2020.

In April 2020 there were Zero sales registered in the city of Mumbai as registration offices were shut due to lockdown imposed because of the pandemic.

In April 2019 a total of 5940 sales were registered in the city of Mumbai. From these sales a revenue of Rs 460 crore. was generated.

This revenue includes stamp duty and registration fees paid during the registration.

In. April 2021, within the 21 days of the month a total of 6413 sales have been registered, which higher than the sales registered in. April 2019.

However, the revenue generated is merely Rs 357 crore. There are two main reasons which. developers attribute to the less revenue collection in April 2021.

The developers body is happy that in spite of a pandemic and the state government taking away the stamp duty cut benefit, April 2021 has shown good sales.

Anand Gupta, chairperson, Housing and RERA committee of Builders Association’s Of India said, “First of all we in BAI happy to see that in spite of all odds of pandemic number of transaction and registration are more than April 2019 and April 2020.”

As regards to less collection of amount inspite of more transaction, Gupta says, the revenue amount is lesser compared to earlier years is mainly because first homebuyers who have paid concessional rate of 3% as against current 5% stamp duty (up to March 31) they are eligible to register as they have paid stamp duty prior to end of March.

The second reason according to Gupta is, the 1% concession given to all woman purchaser. “Obviously people are preferring to purchase flat /property in female member of family to get 1% concession in stamp duty. Thirdly even most of business houses/ people are avoiding or postponing big money transaction because of cash crunch in their present business, these are the main reason for less collection of total stamp duty,” said Gupta.

Also Read: Stamp Duty Concession, Woman To Pay 1% Less

The post In 21 Days Of April 2021 Mumbai Sells More Than April 2019 But Earns Less Revenue appeared first on Square Feat India.