Stamp of relief: Record sale of 18,000 homes in Mumbai this month
Stamp of relief: Record sale of 18,000 homes in Mumbai this month
PTI Photo

Mumbai: The 'stamp of relief ' felt by homebuyers is evinced by the record sale of 18,000 homes in Mumbai so far this month -- the two per cent relief on stamp duty registration till December-end, offered by the Maha Vikas Aghadi Government to encourage the sale of houses in the pandemic has proved to be a hit. This is the highest number of houses sold in the city in December in the history of the real estate market. The stellar sales have raked in Rs 6,48,32,82,117 crore in revenue for the state exchequer through stamp duty, according to sources from the realty industry.

A total of 24,000 registrations have been recorded in the city and its suburbs for the period of December 1-23, according to the records available with the stamp duty registration office. However, these registrations also include rental agreements, mortgage and sales deeds and so on. The revenue recorded from all these registrations is Rs 5,39,21,25,728 crore.

Real estate pundits say demand has been on the rise ever since the stamp duty was reduced and new project launched by developers in the mid-to-premium segment, along with discounts and other offers. There were many buyers who took advantage of the two per cent reduction in stamp duty until December 31, 2020. From January 1, 2021, this rate will go up to 3 per cent.

Manju Yagnik, VCP, Nahar Group and Senior Vice President, NAREDCO Maharashtra, said, "Record sales registered in December is a reflection of customer confidence in the sector and showcases the revival in demand for more spacious homes. The increased sales are also an indication of the quick economic recovery resulting in additional job creation in the industry."

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