Stamp duty cut, discounts by developers drive property sales worth Rs 34,000 crore in Mumbai in December
The surge in December sales, which is more than double the volume sold in November 2020 or December 2019, is unlikely to be sustained as stamp duty rose from 2% to 3% from January 1. However, another spurt is likely in March when stamp duty will be hiked to the original level of 5 percent
A stamp duty cut by the Maharashtra government, low interest rates, discounts offered by developers and the Covid-19 induced price correction saw the Mumbai registrar’s coffers swell as homebuyers made the most of the opportunity and came forward to buy property.