Sales of houses over Rs 10 crore rose in Mumbai between September 1 and December 17, actual property advisor Knight Frank estimated in a report. Mumbai recorded gross sales of 116 models of high-end residential properties after Maharashtra authorities decreased stamp responsibility by 300 bps (foundation factors). The month of October 2020 recorded the very best quantity sale of high-end residential models with 50 models being offered, Knight Frank stated in a press launch.
So far in calendar 12 months 2020, 240 high-end residential properties have been offered in Mumbai and almost half the gross sales of such houses happened within the final 4 months of the 12 months, indicating a constructive influence of the stamp responsibility rebate on property market of Mumbai whereas the economic system inches again to normality publish the lockdown, Knight Frank stated.
“Central Mumbai and Western suburbs of the city accounted for the majority of the sales. While Western Suburbs led the table with 44 units of homes costing more than Rs 10 crore, the Central Suburbs contributed 43 units to the total tally of high-end home sales. 18 of the high-end homes were sold in South Mumbai,” Knight Frank added.
“Recent price correction, coupled with the reduction in stamp duty in Maharashtra, has made residential real estate in Mumbai attractive for buyers, stimulating demand across segments. The high-end residential market, that had been subdued, also saw significant traction as a result of these favourable factors, leading to an increase in sales of homes costing over Rs 10 crore,” Shishir Baijal, Chairman and Managing Director, Knight Frank India stated in an announcement.