Updated on: Monday, October 25, 2021, 06:49 AM IST

Mumbai: Over 6000 houses sold in October

Lower home loan rates and festival discounts play a big role

Despite the Covid-19 related challenges, the city realty sector is seeing a profitable sale of houses.

In October month over 6,050 houses were sold till Sunday. This has led to revenue generation of nearly Rs 395.88 crore through stamp duty fees.

As per the industry experts, the increase in vaccination, lower rate of interest on housing loans, and discounts & offers will attract more homebuyers ahead of the Diwali festival.

Executive Director Jayesh Rathod of the Guardians Real Estate Advisory said that the move to reduce interest rates by a few banks has been encouraging and would pave the path for healthy housing demand. "It is going to be a game-changer for the whole real estate sector, especially at a time when the economy is on a recovery trail. It will also augur well for ready-to-move-in homes and the affordable housing segment. Both of these categories will benefit immensely," he said.

He felt the customers should take advantage of the reduced interest rate. "This is going to be the last call to take advantage of the bank offers as a difference of even a half per cent interest rate on a housing loan can save lakhs of rupees of the prospective buyers."

National Vice Chairman, NAREDCO & MD of Hiranandani Group Dr Niranjan Hiranandani also said that owning a house benefits the renewed needs of active, healthy and hygiene conscious life. "Developers are gearing up for new launches, festive bonanza and deal sweetener to accelerate home buying decisions of fence-sitters. An uptick in sale with pent up demand is turning into the sustainable wherein significance of owning a house has been underpinned on the grounds of stability and safety," he added.

Over 75,513 property documents have been registered so far, making revenue of Rs 1,286.90 crore through stamp duty fees.

Vice-Chairperson of Nahar Group and Senior Vice President Manju Yagnik believes more good days are ahead for the real estate sector. "Despite the pandemic people are investing in properties. Considering the number of registration of houses that have taken place in the last two years it is obvious that the investors' trust in the sector has increased. In fact, the pandemic has made people realize the importance of buying their own house which can offer a healthy & better living."

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Published on: Monday, October 25, 2021, 06:49 AM IST