Shishir Baijal, CMD, Knight Frank India stated, “The demand momentum in this market is likely to continue till the end of the year buoyed by the low stamp duty regime.”
The festival of Diwali appears to have gone effectively for the true estate developers in Mumbai, with sales throughout the month of November registering an boost of 67% on a year-on-year basis, according to the findings by Knight Frank India. Home sales volume in Mumbai, recorded at 9,301 units in the month, had been also boosted by the stamp duty reduce announced by the state government in September. The information has been collated from the division of registrations and stamps.
Strong development was registered even on a month-on-month basis, with sales growing 17% versus October figures. At 9,301 units registered in November, the Mumbai residential sector recorded the highest-ever registrations compared to that of the final nine years, the home consultant stated. Mumbai has witnessed a cumulative residential sale of 22,827 units just after the stamp duty-reduce throughout September-November. The month-to-month run price in this period is roughly 1.35 occasions the month-to-month typical of 2019. Interestingly, even just after the stamp duty reduce in September, the state government’s income collections from stamp duty have improved to Rs 232.8 crore in October and Rs 287.9 crore in November compared to Rs 176.4 crore in August. This shows that the increase to housing sales has extra than compensated for decrease duty. However, it is to be noted that August was nevertheless a low-base month provided the lingering effect of the lockdown due to Covid-19.
Shishir Baijal, CMD, Knight Frank India stated, “The demand momentum in this market is likely to continue till the end of the year buoyed by the low stamp duty regime.”
As revenue streams are coming back to regular, we think that extra purchasers will come to the industry prior to the finish of the monetary year to make most of this opportune time to get their dream residences.”