Mumbai’s Luxury Properties Benefited Most from Stamp Duty Cut
<span style="font-weight: 400;">Luxury and branded home segment benefited the most as a result of reduction in stamp duty charges and low interest rates in Mumbai for the period between January 2021 and March 2021. However, housing sales witnessed a steep fall following the lockdown and reinstatemen
Published -
May 27, 2021 3:11 AM
Luxury and branded home segment benefited the most as a result of reduction in stamp duty charges and low interest rates in Mumbai for the period between January 2021 and March 2021. However, housing sales witnessed a steep fall following the lockdown and reinstatement of stamp duty at 5% from April onwards, a new report by CRE Matrix, a real estate intelligence firm said. According to the analysis, the top selling projects for the period between January 2021 to March 2021 in Mumbai basis the number of units sold included Oberoi Realty’s Elysian in Goregaon East with sales worth Rs 862 crore and 127 units sold; Oberoi Realty’s SkyCity Towers in Borivali East with sales worth Rs 441 crore and 149 units sold; Sheth Group’s project Montana in Mulund sold units worth Rs 277 crore and as many as 149 units were sold. A project by Rajesh Lifespaces called Grandeur in Powai sold units worth Rs 272 crore( as many as 60 units were sold). ShethCreators reported sales worth Rs 348 crore for its project Beaumonte in Sion and a total of 90 units were sold in this project, the report added. Indiabulls Real Estate reported sales worth Rs 591 crore for its project Blu in Worli where as many as 48 units were sold; K Raheja Group reported sales worth Rs 399 crore in its project called Artesia in Worli. Lodha World Towers reported sales worth Rs 864 crore in its project called World Towers located in Lower Parel. In this p[roject, as many as 68 units were sold. Rustomjee reported sales worth Rs 292 crore in its project Crown located in Prabhadevi where as many as 37 units were sold. Further, Piramal Realty reported sales worth Rs 292 crore in its project Mahalaxmi. As many as 65 units were sold in the project, the report revealed. In April, the first month after the Maharashtra government decided not to extend the stamp duty waiver on property registrations, the stamp duty was back to 5 percent.
Tags : News/Views Mumbai Stamp Duty Rajesh Lifespaces Luxury Properties Luxury Home Benefited