Team Blitz India
MUMABI: Property registrations in Mumbai earned for the state a stamp duty of Rs 800 crore in the month of October alone, the highest in 11 years. Property registrations crossed 10,000 in October, at 10,601, with residential units comprising 80 per cent of the total, according to data available with Department of Registration and Stamps, Government of Maharashtra.
Defying higher mortgage rates and prices, the state registered a 21 per cent increase over the corresponding period last year in property registrations, said reports. Revenue from registrations showed an increase of 11 per cent in October. Of the overall registered properties, about 20 per cent constitute nonresidential assets.
The festive season is expected to maintain the positive momentum, with a shifting preference for upscale accommodations. Property registrations for units valued at Rs 1 crore or more are also on the rise. This has come as a welcome gift in the festive season for players in the related sectors who assume that the current year may close on the bestever annual registration volumes in the last decade.
Between January and October this year, Mumbai witnessed a total registration of 1,04,832 units. This has led to a substantial revenue for the state, amounting to Rs 9,221 crore.
This is again the highest number accumulated within the period between January and October in the last decade. The rise in revenue can be attributed to factors like registration of higher-value properties and augmented stamp duty rate, suggested reports.
A closer look suggests that while property prices have been escalating, buyers’ capability and preference for properties valued at Rs 1 crore and above have also been increasing through the decade. The trend indicates homebuyers move towards more spacious and upscale accommodations.
The mood reflects a general faith in the government and belief in the stability and steady economic growth in the country. Buyers thus appear to be generally reassured of a stable interest rate environment.
Such stability holds the potential to strengthen the housing market even further, creating an environment filled with promising opportunities and optimism, according to some reports.
