Home sales volume in Mumbai, recorded at 9,301 units in the month, were also boosted by the stamp duty cut announced by the state government in September.
The festival of Diwali seems to have gone well for the real estate developers in Mumbai, with sales during the month of November registering an increase of 67% on a year-on-year basis, according to the findings by Knight Frank India. Home sales volume in Mumbai, recorded at 9,301 units in the month, were also boosted by the stamp duty cut announced by the state government in September. The data has been collated from the department of registrations and stamps.
Strong growth was registered even on a month-on-month basis, with sales increasing 17% versus October figures. At 9,301 units registered in November, the Mumbai residential sector recorded the highest-ever registrations compared to that of the last nine years, the property consultant said. Mumbai has witnessed a cumulative residential sale of 22,827 units after the stamp duty-cut during September-November. The monthly run rate in this period is approximately 1.35 times the monthly average of 2019. Interestingly, even after the stamp duty cut in September, the state government’s revenue collections from stamp duty have increased to Rs 232.8 crore in October and Rs 287.9 crore in November compared to Rs 176.4 crore in August. This shows that the boost to housing sales has more than compensated for lower duty. However, it is to be noted that August was still a low-base month given the lingering impact of the lockdown due to Covid-19.
Shishir Baijal, CMD, Knight Frank India said, “The demand momentum in this market is likely to continue till the end of the year buoyed by the low stamp duty regime.”
As income streams are coming back to normal, we believe that more buyers will come to the market before the end of the financial year to make most of this opportune time to buy their dream homes.”