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REAL ESTATE NEWS TODAY
In April, there were 11,744 property transactions in Mumbai, making it the best month on record for property registration.
Mumbai
Real estate news today. In April, there were 11,744 property transactions in Mumbai, making it the best month on record for property registration.
The real estate market in Mumbai, India’s largest and most expensive, continues its record-setting streak in property registration.
While the government increased ready reckoner and stamp duty rates for apartments in the city in April, the Maximum City, which is home to the world’s most expensive private residence in its exclusive southern tip, still saw new monthly highs.
Inspector General of Registration, Maharashtra, reported 11,744 property transactions in April in India’s financial capital.
Even though the number of new registrations was down 16% from a year ago, the amount of money brought in by the state government was up 43% to Rs 738 crore.
“An increase in sales volume and a record number of property registrations, even in the absence of monetary incentives, are signs of genuine, long-term demand for housing from consumers.
The stamp duty remission on capital gains for up to three years has revived investor enthusiasm in residential real estate, says NAREDCO National Vice Chairman Niranjan Hiranandani.
It’s clear that we need to put a stop to commodity price inflation if we want this trend to continue.”
Mid-income and cheap housing led performance despite the state boosting ready reckoner values and stamp duty rates on April 1.
Sales of high-end homes (those costing Rs 10 crore or more) accounted for only one percent of the market.
Metro cess has increased outflows toward property purchases, but prices, home loan rates, household income and savings, financial security, etc. have remained consistent, encouraging buyers to close on their purchases.
Despite inflation and geopolitical concerns, property ownership is seen as a buffer against instability.
About half of all homebuyer registrations were for residences under Rs 1 crore, indicating sustained interest.
Most sales (39%) were between Rs 1 crore and Rs 2.5 crore, while 10% were between Rs 2.5 crore and Rs 5 crore.
Five percent of the month’s total real estate transactions involved homes priced at over Rs 5 crore.
47% of registrations were for homes between 500 and 1,000 square feet, followed by units up to 500 square feet with 36%.
Starting in February 2022, homes with less than 500 square feet of carpet will not pay property tax.
This is expected to boost the affordability of the housing market. According to research by Knight Frank India, homes between 1,000 and 2,000 square feet accounted for 15% of all registrations.
Many buyers avoided the 1% metro cess by filing in March and registering in April.
The state government hiked ready reckoner rates for Maharashtra properties by 5% on April 1.
Greater Mumbai’s rates rose 2.34 percent, while Thane’s would jump 9.48%.
A 1% metro cess on stamp duty has increased the cost of buying a home in Mumbai.
Due to the state government’s limited-window stamp duty reduction, property transactions in Mumbai have recently set new records.
Stamp duty reductions expired on March 31, 2021. Even without stamp duty exemptions, commerce has continued.
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