According to the data from the office of Stamp Duty and Registartion, the last month that is December 2022, Mumbai witnessed a total sales of 9,367 homes generating a total revenue of ₹835.36 crore.

This is way better than the month of November where 8,965 home registrations took place generating a revenue of ₹683.8 crore.

In October month the sales figure stood at 8,422 generating a revenue of ₹736 crore.

In September the home sales figure was 8,628 generating a revenue of ₹734.18 crore.

In August the number of home sales in Mumbai stood at 8,552. In April the number of registration that took place in the city stood at 11,743, it was 9,839 in May, in June the numbers were 9,919, and July the number of registrations shot up to 11,340.

So overall the best month for home sales in Mumbai since the start of this financial year 2022-23 has been April where a total of 11,742 home sales took place.

Over all the year has done good compared to many previous years, in spite of no stamp duty cut and a regular increase in the repo rate.

With world situation changing with every minute, cost of construction going up and no stamp duty waiver in sight, the year 2023 will hold many surprises.

Also Read: Mumbai property registrations up by 15% in Nov 22

The post In the last month of 2022, Mumbai sold these many homes appeared first on Square Feat India.

By Varun Singh

Stamp duty revenue is one off the biggest source of revenue for the state government.

A small dip in the stamp duty collection makes a huge noise. So why won’t a huge rise make a big one.

Mumbai city is one of the biggest contributor for the stamp duty revenue and here we are specifically talking about Mumbai figures.

But before we speak about December collections in the 26 days, let’s see how the other months of the FY 2021-22 performed.

In November month that total sales registered with the registration department stood at 7,582 generating a revenue or ₹549 crore.

In October Mumbai witnessed a sales of 8,576 units, generating ₹550 crore.

Where as in September the number of sales in Mumbai was 7,804 units which generated ₹529 crore.

In August sales stood at 6,784 unit and revenue generated was ₹420 crore.

In July ₹566 crore was generated with registration of 9,822 units.

In June it was 7,856 units that was registered and revenue generated was ₹420 crore.

In May the number was the lowest up till now, it stood at 5,360 units generating a revenue of ₹268 crore.

April saw the highest number of sales this financial year up till now the figure stood at 10,135 units being registered generating a revenue of ₹514 crore.

In May only 5,360 units were registered whereas in the 21 days of December till late evening 6124 units were registered in Mumbai.

In these 26 days of December Mumbai generated a revenue of ₹600 crore, which is higher than the revenue collected in any of the months of the FY 2021-22.

In the 26 days of December Mumbai saw a total of 7,707 units being registered which is higher than November.

Shravan Hardikar, the Inspector General of Registration had told this journalist that in December he was expecting a good result too.

Mumbai realty is expected to end the year 2021 on a high note and these numbers are a proof.

Also Read: Sushant & Ankita had bought 2 different flats in 2013

The post December Collects Highest Revenue from Stamp Duty in FY 21-22 in just 26 days appeared first on Square Feat India.

By Ateeq Shaikh

Come December 2021, and the Mumbai Metropolitan Region will have 16 new passenger waterways ferrying people between Mumbai and Navi Mumbai.

On Wednesday, during a review meeting among the Ministry of Shipping, Mumbai Port Trust, Maharashtra Maritime Board and other stakeholders. During this meeting, it was shared with the Ministry that Mumbai’s Water Transportation projects will be operational by December 2021, which is a couple of months prior to Brihanmumbai Municipal Corporation elections that is scheduled for February-March 2022.

Of these 16, 12 are water taxis and four will have RoPax services. A RoPax service has a vessel designed to ferry passengers along with their vehicles, e.g. RoPax service between Ferry Wharf and Mandwa at Alibaug inaugurated in March last year.

“Opening up of four new routes of RoPax ferries and 12 routes of water taxis is going to prove a big boon for daily commuters of the MMR. It will result in a pollution-free, peaceful and time-saving journey as well as reduce the travel cost and carbon footprint significantly. It would also cater to the requirement of tourists and commuters alike,” said an official.

By having these passenger water transport services operational, it will not only drastically cut down on travel but also partially reduce traffic from the already congested roads.

Several of these 16 services would be operated from RoPax Terminal at Ferry Wharf and the recently built Domestic Cruise terminal inside the Mumbai Port.

Four RoPax Routes:

• RoPax Terminal/ Ferry Wharf to Nerul
• RoPax Terminal/ Ferry Wharf to Kashid
• RoPax Terminal/ Ferry Wharf to Mora
• Karanja to Rewas

12 Water Taxi Routes:

• Domestic Cruise Terminal/Mumbai Port to Nerul
• Domestic Cruise Terminal/Mumbai Port to Belapur
• Domestic Cruise Terminal/Mumbai Port to Vashi
• Domestic Cruise Terminal/Mumbai Port to Airoli
• Domestic Cruise Terminal/Mumbai Port to Rewas
• Domestic Cruise Terminal/Mumbai Port to Karanja
• Domestic Cruise Terminal/Mumbai Port to Dharamtar
• Domestic Cruise Terminal/Mumbai Port to Kanohji Angre
• Thane to Belapur
• Thane to Vashi
• Gateway of India to Belapur
• Gateway of India to Vashi

Also Read: India’s Only Monorail Likely To Get ‘Made In India’ Trains

The post By December, Mumbai-Thane-Navi Mumbai-Alibaug To Get 16 New Water Transportation Routes appeared first on Square Feat India.

By Varun Singh

December month has created history when it comes to Mumbai’s real estate industry. In the 31 days of December Mumbai sales figure stood at 19,584.

However, the cumulative sales figure of the year 2020 when compared to 2019 fell short by a mere 2200 sales.

In the entire year of 2019, a total of 67,836 units were sold, whereas in the year 2020 the figure could cross 65,636 in Mumbai.

However, December 2020 broke many records. With more than 19,584 sales, got its name written in golden words in the history of real estate to become the month with highest sales ever.

The second record it broke is becoming the only month to cross a stamp duty revenue of Rs 680 crore and above since January 2019. The second highest revenue generated in the last two years would be that of March 2019 where the government collected Rs 556.50 crore in a month.

The revenue would have been way too high, if stamp duty was collected at 5% for the sale of the 19,000 plus homes. Since September the stamp duty rates were reduced.

The state government on August 26, announced a stamp duty rate cut in the entire state. From September 1 to December 31, the rates were slashed by 3%. The rates have been reduced by 2% between January 1 to March 31 (2021).

While 2020 would have not managed to break 2019 record in terms of total sales, but it set another record too.

After December 2020 the highest sales figure in a month is of November 2020, where 9301 sales were registered by the Department of Registration and Stamps

The year 2020 had a total of 6 months which registered more sales than 2019. 2020 saw January, February, September, October, November, and December surpassing 2019 figures.

Only in the month of April 2020, did Mumbai ever in its history witnessed zero sales being registered.

The pandemic had caused a slowdown in the real estate industry especially with many of the migrant labourers returning back to their home town.

However, with low home loan interests, and developers offering a series of discount the sales started going up. The biggest draw was the stamp duty cut.

Also Read: Year 2020: Made Mumbai Real Estate Smile

The post December Creates History, 2020 Fails To Beat 2019 appeared first on Square Feat India.

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.

According to a research by SquareFeatIndia data available from the Department of Registration and Stamps in the first 20 days of December Mumbai sold 10,522 units.

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.

Also Read: Stamp Duty Reduced Read How Much You Will Save

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.

Also Read: Builder Knocks MahaRERA Door For Payments From Homebuyers

The post Real Estate History Created: Sales Surpass 10K appeared first on Square Feat India.