As per the data available from the Government’s Department of Registration and Stamps, the month of September 2021 saw 7,799 properties being registered in Mumbai, up 15 percent from the previous month of August 2021 which saw sales of 6,784 units and 39 percent from a year ago where September 2020 saw sales of 5,597 units in spite of the stamp duty cut announced by the Maharashtra government during that period.
The September registrations fetched the state government over Rs 525 crore in stamp duty collections.
Realty developers anticipate the pace of both sales and launches to improve further in the upcoming festive season.
Views from the real estate experts:
Shraddha Kedia-Agarwal, Director, Transcon Developers
“In the past few months, the residential real estate market has become more lucrative for the homebuyers and investors thanks to the low prices, increased transparency, heavy returns and improving infrastructure in the city. The homebuyers too are making the most of this opportune time to invest in the desired properties. These buyers are now preferring larger homes with proximity to airports, highways along with places of everyday utility such as well known hospitals, educational institutions, super-marts, parks, entertainment spots, recreational centres and so on. There has been a substantial rise in the share of women home buyers too in new residential sales who are taking advantage of the one percent concession offered by the State Government on Women’s Day in March.”
Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers Private Limited (SDPL)
“The residential market has lately seen a price correction which has augered well for homebuyers to purchase a property especially the first-time buyers. With such a conducive environment, fence-sitters are coming forward to invest in their choice of property, mostly ranging from affordable to mid- segment categories. Owing to the current scenario of pandemic, consumers have also realised the importance of owning a home. In this niche market, both affordable and luxury housing has witnessed significant prominence and appreciation in the last few months and it will sustain the momentum in the upcoming festive season as well.”
Cherag Ramakrishnan, Managing Director, CR Realty
“The rise in sales can be attributed to the aggressive launch pipeline that the developers have lined up with the start of the festive season. Also, the timing of the reduction in interest rates by leading banks couldn’t have been better considering the auspicious festive season ahead. The sales would have been even stronger had it not been the onset of Shradh post the 20th of this month. We are optimistic that the festive season starting from the 7th of October will see some good sales momentum as the homebuyers and fence sitters make their way for site visits.”
Vinay Kedia – Director, Prescon Group
“Due to the pandemic induced factors such as Work from Home, healthy living, safety & security, etc, we are now seeing a healthy demand for homes in the last few months. Homebuyers are now looking for bigger, greener properties in urban communities with state-of-the-art amenities, open spaces, clear views, etc. Also, several other factors such as developers offering flexible payment options, lowest home loan interest rates, festive offers and various sops by the government are driving sales in the real estate sector.”