Sale of houses has recorded steady growth. According to the Department of Registration & Stamps, Government of Maharashtra in this September month in just 13 days time period nearly 3,000 sale conveyance of houses has been recorded. This has led to revenue generation of Rs 228.59 crore. Similarly, across state over 38,000 houses has been sold out and revenue made is of Rs 667.59 crore.
According to realty experts this upward trend in housing sales is due to the increase in vaccination activity along with the festive mood, wherein homebuyers prefer to buy own houses.
Aditya Kedia, Managing Director- Transcon Developers- "The steady resumption of the country’s financial activity and the spur in vaccinations 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 period which has led to an increased market volume. Mumbai’s real estate market has been witnessing a huge growth in property sales and 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 registration across the micro-markets, thus becoming a win-win situation for all, he asserted.
The Mahavikas Aghadi government led by Chief Minister Uddhav Thackeray had offered 2 and 3 percent stamp duty which expired on March 31st. The concession in stamp duty fees encouraged a lot of homebuyers to invest in real estate market even in the lockdown imposed during the first wave of Covid-19 outbreak. Currently, on a property purchase buyers have to pay 5 percent stamp duty. While women homebuyers get one per cent concession in stamp duty fees.