Led by the all-odd around the real estate market of Mumbai continues to grow sharply. The registration of property in Mumbai has touched the sky in the past months. Due to various combinations of all-time low housing loan rates, price discount, and more importantly a reduction in stamp duty has encouraged the people for a large number of registration of property in Mumbai.
In the past month, more than 10500 registration of property in Mumbai are recorded in tha financial capital. according to the available data by the general of registration of Maharashtra, this is the highest number of registration that is recorded since 2021. Besides, in December 2020 the number of property registration in Mumbai goes to a record break all-time high which 1900 and above deals in a month which is 204% of growth in the real estate sector.
The Indian chairman and Shishir Bajaj said the reduction in the stamp duty by the government in India has given a boost to the registration of property in Mumbai, As expected, with the revival of the economy, the sales momentum grew stronger in Q1 2021 and the euphoria amongst homebuyers continued despite the 100-bps increase in stamp duty rates. A combination of lowest home loan rates, reduced house prices along with rebates and payment flexibility offered by developers, as well as increased household saving rates, have provided the right growth environment for the residential segment to grow.”
Shishir further added, “After several years of anguish, the real estate sector in Mumbai is making an attempt to stand on its feet. However, the rising number of cases in the country and the resultant lockdowns in some cities, is threatening to jeopardize this arduous recovery path charted by the sector. It would be immensely helpful if the Government extends the window of stamp duty reduction by few more months till the sector can find its feet and start sprinting again.”
Between September 1 and December 30, 2020, Mumbai recorded registration of 41,681 units with numbers growing incrementally month-on-month.