MMR PROPERTY SALES HIT IT BIG, HIGHEST SINCE 2012

November sales at a record high; year-on-year registrations, revenues shoot up nearly 67%; experts attribute it to reduced stamp duty.


Property registrations and revenues in the Mumbai Metropolitan Region (MMR) touched a record high in November 2020. Registrations shot up 67 per cent year-on-year and 17 per cent monthon-month, as per data from the Department of Registration and Stamps analysed in two separate reports by Knight Frank India, and Propstack.


The state government had cut stamp duty from 5 per cent to 2 per cent on August 26.


The sales had then increased sharply, jumping up 112 per cent from 2,642 units sold in August to 5,597 units in September. In October, the unit sales touched a record high of 7,929, which was even higher than pre-pandemic sales of 6,150 units in January 2020. In November, it touched a new high of 9,301 units, the highest since 2012.


As per Propstack data, in terms of value, sales rose from Rs 9,025 crore in September to Rs 11,640 crore in October, and Rs 14,395 crore in November. The data shows that though the stamp duty revenues were lower than Rs 428 crore in February 2020, they were rising each month; from Rs 181 crore in September to Rs 233 crore in October, and Rs 288 crore in November.


“The pandemic has made buyers feel they need their own home rather than a rented apartment,” said Deepak Goradia, president CREDAIMCHI, which has 1,800 members across six chapters in MMR.


Chairman and managing director of Knight Frank India, Shishir Baijal said, “Limited period stamp duty cut continues to remain the biggest catalyst for residential sales in Mumbai. The sales were also augmented by the festive period, lowest ever home loan rates and other incentives.” He said the momentum is likely to continue till the end of the year.


The head of marketing at Sheth Creators, Hiral Sheth said “parking one’s investment in real estate has been gaining prominence due to its increased returns in the long run”. He said policy decisions like reduction in stamp duty have further boosted sales not only amongst firsttime homebuyers but also fencesitters.


Dr Niranjan Hiranandani, president of the National Real Estate Development Council said “the real estate sector has bounced to a better level due to a pent-up consumer demand”. He said housing has emerged as a basic necessity to accommodate the ‘new normal’ routine of work or study from home, upgrading the buyers’ segment.


Source: Chairman and managing director of Knight Frank India, Shishir Baijal said, “Limited period stamp duty cut continues to remain the biggest catalyst for residential sales in Mumbai. The sales were also augmented by the festive period, lowest ever home loan rates and other incentives.” He said the momentum is likely to continue till the end of the year.


The head of marketing at Sheth Creators, Hiral Sheth said “parking one’s investment in real estate has been gaining prominence due to its increased returns in the long run”. He said policy decisions like reduction in stamp duty have further boosted sales not only amongst firsttime homebuyers but also fencesitters.


Dr Niranjan Hiranandani, president of the National Real Estate Development Council said “the real estate sector has bounced to a better level due to a pent-up consumer demand”. He said housing has emerged as a basic necessity to accommodate the ‘new normal’ routine of work or study from home, upgrading the buyers’ segment.


Source: https://mumbaimirror.indiatimes.com/mumbai/other/mmr-property-sales-hit-it-big-highest-since-2012/articleshow/79653709.cms

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