Mumbai sees historic jump in homes sales in December

New Delhi: The Maximum City has witnessed historic jump in housing sales in the last month of the current calendar year, that is, December as the stamp duty s about to increase beginning new year. Mumbai saw sales of 18,854 houses in the month with about 3059 units being registered in just tre days-28 to 30 December, according t property consultant Knight Frank.

The stamp duty will go up by 1 percent from 1 January 2021. The daily average of the registration of residential ;property in the city was 586 till 25 December. That jumped to 1,019 homes in the last few days of 27–30, 2020. The revenue generated by the state exchequer in the ongoing year from home registration has been estimated Rs 3,107 crore. 

Since September itself, the residential property sales have been witnessing fair amount of month on month growth. There was de-growth in the first few months of the year but December witnessed over 100 percent jump in home sales registrations as compared to November.

“Reduction in stamp duty, lowest home loan interest rates, lower prices along with rebates and offers made by developers have provided the right growth environment for the residential segment to grow,” said Shishir Baijal, CMD, Knight Frank India.