Luxury properties priced above Rs 7 crore raked in the moolah in Mumbai
Some real estate brands in Mumbai witnessed luxury home sales worth over Rs 500 crore on the back of stamp duty cut and festive offers.
Luxury and branded home segment benefited the most as a result of reduction in stamp duty charges and low interest rates in Mumbai. While mid-income housing projects did offload considerable inventory, luxury housing projects raked in the moolah, says a new report by CRE Matrix, a real estate intelligence firm, and IGR Maharashtra.
According to the analysis, the top selling projects in the calendar year 2020 in Mumbai basis the value of the units sold included Indiabulls Real Estate for the project Blu that sold units worth Rs 598.8 crore; K Raheja’s Artesia that sold units worth Rs 591.3 crore; Avighna’s One Avighna Park that sold units worth Rs 386.2 crore; Runwal’s The Residence that sold units worth Rs 325.5 crore; and Oberoi Realty’s Three Sixty West’s inventory
How research reports mask the (grim) realities of real estate
Reports by real estate consultants and analysts are typically euphoric, but they gloss over actual events, including that several transactions that were hanging were concluded due to the recent stamp duty in Maharashtra.
The stamp duty cut is the trigger, but seeing it in isolation is being blinkered. Several types of transactions are underway.
There has been a flurry of bullish and ultra-bullish research reports on the real estate sector in recent months. As a well-wisher of the Mumbai real estate industry, I normally share the ones to builders that have something encouraging and insightful.
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