Maharashtra

Great sale of new homes in August!

Mumbai: August has been a positive month for developers, who have been hit by the second wave of the Corona period, and for the first time this year, new homes have sold well, despite no concessions from the government. Therefore, if the government gives some more concessions, the sale of houses on Dussehra-Diwali will speed up, he claims.

Record home sales were in October-December after the Corona outbreak. However, it was due to the concession given by the state government in stamp duty. The developers are demanding that the same concession be given again. However, the state government has shown inability to give stamp concessions. Of the 6,784 registrations of home sales in Mumbai in August, 6,241 are for sale of new homes. Developers say this is the first time this has happened in the current financial year.

Out of a total of 10,136 registrations in April, only 710 new homes were registered. In May, 1,554 out of 5,360 transactions were made, while in June and July, 7,857 out of 9,823 and 3,300 out of 9,823 transactions and 5,244 transactions were for sale of new houses.

Shishir Baijal, president and managing director, Knight Frank India, said it was a matter of satisfaction for the developers that new homes were being demanded from the people despite the reduction in stamp duty. So far, 6,000 houses were sold in August 2018 alone from 2012, he pointed out.

Looking at home sales from April 2020 onwards, home sales increased from September. The highest number of 19,581 houses were sold in December. Although the number of home sales transactions seems to have increased from January to March-April, this is due to a three per cent reduction in stamp duty and a four-month period for registration. 17 thousand 449 transactions were recorded in March; But the sales of new homes were measurable.

In comparison, the increase in August is significant and doubles the happiness of developers. Baijal also said that if the government gives stamp concessions on the occasion of Dussehra-Diwali, record sales of houses could be recorded again.

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