The registrations of property in Mumbai have witnessed a 10-year high in the month of September. As per the data received from the Government's Department of Registration and Stamps, 7,799 properties were registered in Mumbai, a 15 per cent rise compared to August 2021, which saw sale of 6,784 units. When compared to September 2020, it is a rise of 39 per cent in spite of the stamp duty cut announced by the government during that period.
The September registrations fetched the state government over Rs 525 crore in stamp duty collections. Realty developers anticipate the pace of both sales and launches to improve further in the ongoing festive season.
The director of the Transcon Developers Shraddha Kedia-Agarwal said, "In the past few months, the residential real estate market has become more lucrative for the homebuyers and investors thanks to the low prices, increased transparency and better returns. The homebuyers too are making the most of this opportune time to invest in the desired properties."
Similarly, VP of Satellite Developers Private Limited (SDPL) Himanshu Jain, said, "The residential market has lately seen a price correction which has augured well for homebuyers to purchase a property especially the first-time buyers. With such a conducive environment, fence-sitters are coming forward to invest in their choice of property, mostly ranging from affordable to mid-segment categories. Owing to the current scenario of the pandemic, consumers have also realised the importance of owning a home."
The executive director of the Guardians Real Estate Advisory, Ram Naik believes that the robust vaccination drive has helped the real estate sector to get back on the recovery trail. He said, "From the consumer perspective, the demand surge is primarily because the people want to upgrade their existing properties in search of larger space. Even the millennials who have shied away from real estate are looking out for their first home. The other factors like low housing loan rates, discounts, and flexible payment schemes offered by developers have played a pivotal role."
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