By Varun Singh

Mumbai’s real estate industry created history in December 2020 by registering highest sales ever.

While the momentum continued in January too, but the sales figure have dwindled.

In January 2021, Mumbai witnessed a mega drop in sales compared to what it sold in December.

In December Mumbai had registered a total of 19,581 sales accumulating a revenue of Rs 680 crore.

In January 2021, the revenue generated was less than half of December, it stood at Rs 308 crore.

In the 31 days of January month, Mumbai registered a total of 10,412 sales.

A major drop of 46% when compared to the sales of December.

However, a good increase in sales if one compares January 2021 with January 2020, when 6,150 sales were registered.

One prime reason for the sales to be impacted is the increase of 1% in stamp duty from the start of the year.

The state goverment had announced a stamp duty cut of 3% till December 2020 and post that till March 2021 the stamp duty cut is 2%.

The government’s stand came in, when the rea estate industry was battling with COVID and sales were down.

Reverse migration of construction workers had impacted the work at building sites and the coronavirus led pandemic and the following lockdown had resulted into job lossess and economic uncertainity for many.

The real estate industry sees the numbers as a good sign. Many in the industry believe that, the numbers are encouraging and shows that people are still there in market to buy.

“The numbers are very good in January 2021, though not as high as that of December 2020. But these figures establish the fact that sales are taking place and developers are paying heed to the expectations of the homeuyers,” said a broker from Western Suburbs.

According to a developer, most builders have accepted that it is a homebuyers market and also aren’t hiking the rates, thus encouraging many fencesitters to take the jump.

Also Read: Will Mumbai See 10K Sales In January?

The post January Sold These Many Less Homes Than Dec appeared first on Square Feat India.

By Varun Singh

The high figures of real estate sales in Mumbai and the state has encouraged the builders to offer practical discounts.

NAREDCO Maharashtra has announced Zero Stamp Duty for home buyers on its members projects in Maharashtra until December 31, 2020.

This is in continuation of their previous offer that was for the festive season.

Over 1,000 projects of NAREDCO Maharashtra members have offered their properties for sale under this scheme.

This means projects in city like Mumbai are directly offering homebuyers a 2% discount.

The state government has 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 has been brought down to 2% till December 31.

“It’s a win-win for both the homebuyers and the developers, as the zero-stamp duty window will bring more homebuyers of Maharashtra into the buying net.“

Ashok Mohanani, President, NAREDCO Maharashtra

Sales in the city of Mumbai has picked up in September and has been growing since. In September a total of 5,597 sales were registered in Mumbai, the figure stood at 7,929 sales in October and till November 23, Mumbai witnessed 7,314 sales.

Rajan Bandelkar, Vice Chairman, NAREDCO Maharashtra said, “The zero stamp duty intervention set the precedence and boosted the entire sector in a growth mode. It ensured a quick inventory turnover and the trend will continue in the long-run. The next fiscal will see more liquidity with the foreign investors coming in action.”

Builders also say that the sales are getting registered at a faster pace According to Bandelkar, earlier deals would close in a span of several months now they have come down to a week in affordable segment projects and a fortnight to a month in luxury segment projects.

Also Read: Diwali 2020 Best For Mumbai’s Real Estate Since 2018

The post 1000 Projects Offer 0% Stamp Duty Till Dec 31 In State appeared first on Square Feat India.