In the 16 days of March, Mumbai witnessed a total sales of 7004 units, it is expected that March may inch closer to December sales when more than 19K units were sold.
By Varun Singh
How does one judge the real estate industry’s pulse, whether it is doing good, or performing bad, it is the sales figure.
In December, Mumbai’s real estate industry has already set a record, it witnessed a total sales surpassing the 19K mark.
In the 16 days of March, sales in Mumbai have crossed 7K units.
To be specific the number of sales registered as per data from Department Of Registration and Stamps till March 16 in Mumbai stood at 7004.
On March 16, the single day sales stood at 657 units.
In the month of February the sales stood at 10,721 units and in January it was 10,412 units.
Developers believe that Mumbai sales will see new high. All are attributing the high in sales to the stamp duty cut.
Manju Yagnik, Vice Chairperson (Nahar Group) and Sr. VP NAREDCO (Maharashtra) says, “The stamp duty cut by the state government has been good support for the developers, and end-users are flocking to the market to take advantage of this waiver. The recent waiver of an additional 1% reduction for the women buyer has also contributed to clocking record sales in the first two weeks of March, and the trend is going to continue till the end of this month. Developers are introducing new projects offering 1, 2 & 3 BHK convenient homes in the market for the buyers to take advantage of reduced stamp duty now available for a limited period.”
“We expect this momentum of property registrations to continue and perhaps even increase given that the stamp duty rates are expected to return to 5% in a fortnight. This is in line with the past few months wherein we’ve seen significantly higher demand for homes on the back of the pandemic which has transformed homebuying patterns amidst a host of other behavioural changes. Homebuyers are now more keen to buy instead of renting and are prioritizing real estate investment over other asset classes as a consequence. This very sentiment has proved to be a boon not just for developers but also for other allied industries and we project that this upward trajectory in terms of demand and sales to continue beyond March as well.”
Deepak Goradia, President, CREDAI MCHI
Aditya Kedia, Managing Director – Transcon Developers, said, “Sales in the real estate market will be relatively buoyant for the next 15 days because of the state government’s scheme of charging only 3% of the property value as stamp duty. Thereafter, I see a slight lull for one or two months, but thereafter the sales shall pick up again. The pandemic very well taught everyone the value of owning a property and thus we could well see a rise in unit sales once the lockdown was over. All in all, the real estate market after seeing a grim phase for three years, is looking at a positive note for 2021 and 2022.”
Also Read: Feb 2021 Sells 10172 Units, In Feb 2020 It was 5927
