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Property purchase and registrations in Mumbai witness a rise in November

Knight Frank India, in a recently released report stated a 67 per cent increase in property purchases in comparison to the reports released in November 2019, whereby a new record was created marking the highest sales in the last nine years in November

Property purchase and registrations in Mumbai witness a rise in November
SHARES

Global property consulting firm, Knight Frank India, in a recently released report stated that a total of 9,301 new properties were registered in Mumbai in November 2020; and including the stamp duty cuts and Diwali concessions this data shows a 67 per cent increase in property purchases in comparison to the reports released in November 2019.

Furthermore, the data also suggest an increase of 17 per cent in November 2020, 42 per cent in October 2020 and 112 per cent in September 2020.

While COVID-19 pandemic and the lockdown had impacted the sale and purchase of properties, the newly planned unlock initiative helped the transactions pick up pace in the following months, whereby a new record was created in November 2020 marking the highest sales in the last nine years, in the month of November.

On the other hand, the 3 per cent reduction in stamp duty by the state government and the fall in home loan interest rates have also started attracting new home buyers. Moreover, after the economic downturn in the coronavirus period, many developers have started offering discounts to the customers by lowering the prices of their properties, thereby given rise to new purchases during festivals like Dussehra and Diwali.

Coronavirus pandemic has forced many families to have separate rooms in their homes, and as a result, financially capable consumers are looking for the opportunity to invest in new homes. At the same time, consumers who have been looking for a home for the past few years are finding this to be the right time for the same.

Records state that a total of 22,827 new houses have been sold in Mumbai between September and November 2020, and this has been after the reduction in stamp duty, whereby the effect has been approximately 135 per cent or 1.35 times the monthly average in 2019. Despite this reduction in September 2020, the state government received INR 1,764 crores as stamp duty collections in August 2020, INR 2,328 crores in October 2020 and INR 2,879 crores in November 2020.

Sharing his thought, Shishir Baijal, Chairman and Managing Director, Knight Frank India, said that the festive season, lower home loan interest rates and incentives from developers have also boosted sales. Maharashtra government has taken the right decision to restore confidence in the housing sector. The pace of demand in this market is likely to continue till the end of the year, whereby experts are expecting more buyers to invest before the end of the current financial year thereby take advantage of this favourable time to buy their dream home.

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