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Mumbai sees huge growth in property sales; housing units worth Rs. 11,000 crore booked in Feb

‘We anticipate robust sales this month too which will be equivalent to December 2020 as the consumers will try to avail of 3% stamp duty benefit before 31 March,’ NAREDCO President said

Mumbai, the financial capital of India saw huge surge in property registration numbers in February, thanks to stamp duty cut by the Maharashtra government. Over 10,000 housing units were registered in Mumbai in February, the data revealed. To boost the ailing real estate industry amid coronavirus pandemic, the Maharashtra government in August announced to cut stamp duty on housing units from 5% to 2% until 31 December, 2020. From January 1 to 31 March, 2021, the stamp duty charges were reduced to 3%.

The concession in stamp duty charges led to huge growth in property booking in Mumbai. At least 5,597 properties were booked in September while number increased to 7,929 in November, according to Inspector General of Registration (IGR) Maharashtra data. November witnessed registration of 9,301 properties, December 19,584, January 10,412 and February 10,170 properties, the government data showed.


https://www.livemint.com/industry/infrastructure/mumbai-over-10-000-housing-units-worth-rs-11-000-crore-booked-in-february-thanks-to-stamp-duty-cut-11614687219628.html

SOURCE: LIVE MINT

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