The sale of houses recorded a steady growth in September. According to the state department of registration and stamps, nearly 3,000 houses were sold in the last 13 days in Mumbai. This led to a revenue generation of Rs 228.59 crore. Similarly, over 38,000 houses were sold in the state. This generated a revenue of Rs 667.59 crore.
Realty experts have attributed this upward trend to the pace of the Covid-19 vaccination drive and the festive season. Aditya Kedia, managing director of Transcon Developers, said, "The steady resumption of the country’s financial activity and the pace of the vaccination drive has sparked market traction. This momentum has been further strengthened by constructive government measures, like bank loan interest rates being at an all-time low, great property valuations, and the ongoing festive season. Mumbai’s real estate market has been witnessing a growth in sales. The industry has been anticipating a windfall of registrations in the upcoming quarters."
An extension of the stamp duty benefit will play a catalytic role in keeping up the pace of sales and property registrations in micro-markets. Thus, it will be a win-win situation for all, he asserted.
The Maha Vikas Aghadi government, led by Chief Minister Uddhav Thackeray, had reduced the stamp duty to 2 and 3 per cent, which expired on March 31. The concession in stamp duty fees encouraged a lot of homebuyers to invest in the real estate market, despite the pandemic and the lockdown. Currently, on a property purchase, buyers have to pay 5 per cent stamp duty. Female homebuyers get one per cent concession in stamp duty fees.
