Mumbai real estate industry is upbeat, even after the hike of 1% in stamp duty, realty sales has already crossed 9,147 sales till January 27.
By Varun Singh
The year 2021, has brought cheer to Mumbai real estate industry. The reason being sales haven’t slowed down in spite of the 1% increase in stamp duty in January.
At present in Mumbai any new sales and its registration attracts 3% stamp duty. Till December 31, 2020 it was 2%.
Till January 27, a total 9,147 realty sales took place in Mumbai.
This is almost 3,000 more sales compared to what the city witnessed in January 2020.
Last year, Mumbai in January saw a total sales of 6,150, this year within 15 days of January the sales had already crossed this figure.
Realty experts say they are sure that the figures will cross the 10k mark without much of a difficulty in January.
Yashika Rohiira, of Karma Realtors says, “The crowd at registration offices right now is less than that of December, but more than many of the previous months of 2020.”
According to Yashika, the registration figures in January will easily cross 10k mark because the rates are still stable and it is yet a buyers market. “There are still three more days and 850 sales will get registered in this period,” she said.
What gives credence to Yashika’s word is the other figures from Department of Registration and Stamp shows that only on January 27, Mumbai saw 430 sales.
Even leave and license has seen a good jump. In January 2020, total 16,166 e-registration of leave and license took place.
Till January 27, 2021, e-registrations of 16,628 leave and license took place in the city.
Realty experts say, the fence sitters have jumped in the market and continuing the momentum.