Over 5,000 houses sold in Mumbai in 12 days

There is significant increase in sale of houses across Maharashtra. In the past 12 days, over 5,000 houses were sold in Mumbai city alone, according to the state stamp duty and registration office. This has led to a revenue generation of about Rs 199.89 crore. While in state over 74,000 houses have been sold out and revenue earnings made is of nearly Rs 7241.02 crore.

Currently, homebuyers are willing to buy a house as the stamp duty charge is three per cent. Besides, several developers are offering discounts on purchase of houses.

Interestingly, the state government has offered addition one per cent concessions on stamp duty to women homebuyers. Finance minister Ajit Pawar declared about the one per cent concession over the prevailing rate exclusively to women, provided the transfer of house property or registration of sale deed is in the name of woman or women only while presenting the state Budget on Wednesday. Developers also welcomed the move. Rohit Poddar, Managing Director, Poddar Housing and Development Ltd expressed, "It will help boost demand from this segment of homebuyers. Women have become a key group of homebuyers as more women are entering the workforce and becoming key decision-makers."

Besides providing relaxation on stamp duty, state is also lending 50 per cent discount on premium payments to developers, who give in writing that they are offering zero stamp duty to homebuyers investing in their projects. The pandemic induced lockdown and economic slowdown largely affected the real estate market. However, in Maharashtra with notable relaxations being offered to homebuyers and builders seem to be yielding a favourable response to sector.

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Free Press Journal