Mumbai Property Registration Up 36% in Oct.
The registration of residential properties in Mumbai Metropolitan Region (MMR) during October rose 36 per cent year-on-year at 7,929 units on higher demand during festive season and reduction in stamp duty by the Maharashtra government, according to Knight Frank. Knight Frank report 'Mumbai Resid
Published -
Nov 2, 2020 8:58 PM
The registration of residential properties in Mumbai Metropolitan Region (MMR) during October rose 36 per cent year-on-year at 7,929 units on higher demand during festive season and reduction in stamp duty by the Maharashtra government, according to Knight Frank. Knight Frank report 'Mumbai Residential Snapshot October 2020' analyses Residential sales for the MMR. Home sales volume in Mumbai stood at 7,929 units in October 2020 and were boosted by stamp duty cut and festive period of Navratri and Dussehra. The demand, which was badly hit during April-June due to lockdown to control COVID pandemic has improved from July onwards. Number of sale documents registered in October 2012 stood at 2,619 units, October 2013 (4,902 units), October 2014 (4,483 units), October 2015 (5,225 units), October 2016 (6,068 units), October 2017 (5,668 units), October 2018 (6,377 units) and October 2019 ( 5,811 units) as per the data sourced from the department of registrations and stamps, Government of Maharashtra. One of the biggest catalysts for this growth has been the reduction of stamp duty by 300 basis points, which has been further matched by developers who have offered to absorb the remainder, thus significantly reducing the total outflow towards new home purchases. The reduction in home loan rates by banks helped improve homebuyers' loan eligibility and also aided sales growth, it added. Mumbai has witnessed a cumulative residential sales of 13,526 units after the stamp duty cut during September-October 2020. Even after the stamp duty cut in Sep 2020, the state government's revenue collections from stamp duty have increased in October 2020 to Rs 232.8 crore compared to Rs 176.4 crore in Aug 2020.
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