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Property registration in the country’s most expensive real estate market has continued its boom in the ongoing festive season despite rising interest rates.
Property sales during Navratri – between September 26 and October 4 – recorded a year-on-year growth of 14% in 3,659 apartments, as against 3,025 homes sold during the previous Navratri period between October 7, 2021 and October 15, 2021 , data shown. from the Inspector General of Registration, Maharashtra,
This year the daily average sales during Navratri period increased to 407 as compared to 356 in the Navratri festive season of 2021.
“The Mumbai The residential market has witnessed good response from home buyers on the auspicious days of Navratri, which indicates that home ownership sentiment remains strong despite the recent hike in home loan rates,” said Shishir Baijal, CMD, knight frank india, “This is also because apart from the positive GDP growth forecast, other factors like asset prices, income level etc. have remained stable during the last six months.”
He expects the upward trend to continue in the coming days of Diwali festival owing to the positive sentiment and festive incentives to boost higher sales by real estate developers.
Boman Irani, President, Boman Irani said, “Higher number of inquiries and conversion into actual sales is giving us confidence that sentiment among home buyers remains positive.” CREDAI-MCHI, “Various incentives offered by real estate developers are helping home buyers realize their dream of buying a home. We expect this momentum to continue during the festive season.”
Realty developers in major property markets are offering incentives like full stamp duty waiver, interest subvention schemes, home exchange offers, low down payment, free luxury interiors and GST rebates, apart from the usual gifts like cars and gold coins on booking. during the festive season.
Realtors have begun to take mitigation measures to mitigate the impact of the rising interest rate regime on potential homebuyers’ affordability levels and support continued strong sales momentum.
Property transactions in Mumbai have been setting new benchmarks for more than two years since the state government’s decision to provide a reduction in limited window stamp duty starting September 2020.
This limited-period stamp duty reduction window ended in March 2021, but proved to be a major catalyst for the city’s housing market, and deals continued to flow, although the benefit of lower stamp duty is no longer available.
Despite rising interest rates and a Shradh period generally considered inauspicious by most Hindus, it reached another peak by registering the best September performance in terms of registration of real estate deals and revenue collection through stamp duty charges. .
The country’s commercial capital recorded 8,628 property transactions during the month, an increase of 11% compared to a year ago, while the exchequer generated 39% more revenue of ₹734 crore through stamp duty collection.
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