Greater Mumbai Property Sales Doubled in Sept
Property sale registrations in Greater Mumbai more than doubled (112%) in September over the previous month thanks to the 3% reduction in stamp duty. In fact, September saw the highest number of registrations this year across the state. Last month, Greater Mumbai recorded 5,597 apartment sales compared to 2,642 registrations in August when stamp duty was 5%. The latest data is from the Inspector General of Registration and Controller of Stamps.Overall sale registrations across Maharashtra also recorded a huge rise in September. There were 1,19,834 sale registrations in September compared to 82,100 in August. September has, so far, been the best month for the state this year. Before the pandemic broke out, sales registration was the highest in January (1,16,647). Pankaj Kapoor, MD of property research firm, Liases Foras, said, “Growth in number of registrations can be attributed to reduction in stamp duty charges to 2% coupled with offers and discounts developers have doled out. Interest rates are also at their lowest level in the past 15 years.’’ The reduction, though temporary, could be substantial for a prospective home buyer. A flat costing Rs 1 crore attracts a duty of Rs 5 lakh. It will now be Rs 2 lakh from September to December-end, and Rs 3 lakh from January 1 to March.31, 2021. With duty cut to 2%, government earned less in September (Rs 763 crore) compared to Rs 815 crore in August (when it was 5%) and Rs 1,603 crore in January.
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