The decision taken by the Maharashtra government in September 2020 to slash stamp duty on residential properties from 5 per cent to 2 per cent has given a big boost to property sales in the Mumbai Metropolitan Region (MMR), including luxury and affordable segments, according to research report by CREDAI-MCHI, Colliers and CRE Matrixan.
The report said that the year 2021 witnessed a sale of 2,42,000 units (homes) -- rise of 53 per cent as against 2020, and a 20 per cent rise over 2019.
The state's move, coupled with reduced home loan rates, nearly stable prices and other factors have proved a boon for the realty industry in the past 15 months, the study said.
CREDAI-MCHI Incoming President Boman Irani stated that a series of actions by Maharashtra government ensured that the realty sector got a boost.
"Residential flats worth around Rs 1.30 lakh crore were sold between October 2020 and March 2021, in turn leading to an indirect collection of GST," said Irani,
As per the report, Central Mumbai comprising Dadar-Lower Parel-Worli-Sewri-Mahim-Matunga-Parel-Wadala saw the highest revival in 2021 with registrations rising 93 per cent from 2019 and 71 per cent as compared to 2020.
"The MMR residential market has shown a revival. New launches gained 3 per cent in 2021 as developers launched projects to avail the discount premium," said Colliers CEO and Managing Director, Ramesh Nair.
(With inputs from IANS)
