Property registrations in Mumbai witnessed robust momentum in February, exceeding the pre-pandemic levels two years ago by a wide margin. Due to the reduction in stamp duty, the city has seen monthly registration of over 10,000 apartments. In February, the stamp duty collection was over Rs 561 crore.
According to data by the Inspector General of Registration, Maharashtra, the commercial capital in the city, witnessed registration of over 10,026 residential deals in February, up by 23% from January. In February 2020, it had witnessed registration of 5,927 residential deals, and the performance recorded in February has surpassed the pre-covid level by over 70%. President of Confederation of Real Estate Developers' Associations of India-Maharashtra Chamber of Housing Industry (CREDAI-MCHI), Boman Irani, said Mumbai has strong market growth. Other initiatives boosting the real estate market in Mumbai includes a progressive budget, availability of low home loans rates and a good home buying environment. Record-low interest rates, incentives, and stable pricing is driving robust responses from homebuyers for nearly six quarters. The Central Bank is still maintaining its policy of low-interest rates, while the developers are providing attractive offers, due to which the sales trajectory has increased, with monthly sales surpassing the pre-pandemic levels in 2018-2019. The Mumbai property market has witnessed robust activity since the state government announced a reduction in stamp duty rates in 2020 to boost the real estate sector and other industries linked with it. The reduction in stamp duty had led to a surge in the number of transactions across various segments, including luxury, mid-income and affordable housing. The stamp duty reduction ended in 2020. However, the property markets across key cities of Maharashtra are still witnessing robust activity. Image Source
