Mumbai Sees 8% Rise in Housing Registration in Oct
Mumbai municipal region has seen an 8% rise in registration of housing properties in October to 8,576 units, compared to 7,929 units in the year-ago period, as homes sales continue to witness momentum this year, according to property advisory Knight Frank India. Sequentially, the registration of housing properties in the region, the area under Bombay Municipal Corporation, in October rose by 10% compared to September 2021. Compared to pre-pandemic October 2019, registrations have grown by 48% in October 2021. “The continuous growth has led to a new lease of life to the residential markets and developers too are preparing for a stellar festive period this year," added Zia. Total government revenue realized through sale registrations equaled ?550 crore, which was 136% higher on a year-on-year period. However, in October 2020, the stamp duty was charged at the limited period incentivized rate of 2% while now it is charged at 5%, Knight Frank said. In Mumbai, India’s most valuable property market and luxury realty capital, where prices were stagnant for over half a decade, the stamp duty cut gave a huge boost to home sales, particularly in the high-end category
Tags : News/Views residential market Pre-pandemic Housing Registration Mumbai Municipal