Mumbai records second-best Diwali period property sale in a decade - What it means for real estate industry
Mumbai Property registration:The stamp duty collection figure between January and October increased 53 percent, as compared to 2021.
Mumbai Property registration: As the dark clouds of Covid pandemic clear out, many sectors are on the track to recovery and a record registration in properties in Mumbai is a sign that real-estate is bouncing back in the metropolis area.
In October 2022, which was also the month where Diwali was celebrated, there was a marked spike in the number of property registrations in Mumbai.
The city recorded registration of 8,358 units in the month of Diwali and a stamp duty collection of Rs 717 lakh crore.
The stamp duty collection figure between January and October increased 53 percent, as compared to 2021.
During this period, 1.3 lakh houses were sold and Rs 7,300 lakh crore stamp duty was collected. Diwali 2022 saw an increase in stamp duty collection by 30 per cent, as compared to 2020.
What led to growth?
According to experts, attractive discounts and festive offers were one of the reasons for a spike.
“Overall Diwali sales got boosted due to real-estate developers' help, who came up with attractive festive offers to lure potential buyers who were sitting on the fence — like measures to absorb higher interest rate impacts on buyers, etc,” said Personal Finance Expert, Nirmal Rewaria.
“In addition to the customary gifts like cars and gold coins on bookings during the holiday season, real estate developers also provided incentives like complete stamp duty waivers, home exchange offers, flexible payment options, lower down payments, free luxury interiors, and GST waivers, helping homebuyers realise their dream of owning a home,” said Sanya Aeren, Chief Advisor, Marketing and Communication, Berkshire Hathaway Homeservices Orenda India.
What is the future of the real estate industry?
According to Sanya Aeren, the momentum will continue moving forward. “We are hopeful that the momentum will continue to go up moving forward and that the future of real estate will benefit from the rising enthusiasm for home ownership, affordability level, and the robust domestic economy,” she summed up.
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