Mumbai, Pune drive residential property sales in December quarter, cushion lockdown impact on sector
SECTIONS
Share
Synopsis
Registration of residential sales in the financial capital rose 53% from a year earlier to 9,827 deals in the first 18 days of December, surpassing the number for the entire November, which also logged the highest in eight years.
The performance in December has already broken all the monthly records in just the first half, with deals set to close at records.
MUMBAI: A pronounced revival in sales through the December quarter, particularly in Maharashtra’s two biggest cities, has helped cushion the impact of the lockdowns on India’s residential property market that appears to have bottomed out in the current cycle after having peaked six years ago.
Record residential sales momentum in Q4 helps cushion dip in 2020 performance
SECTIONS
Share
Synopsis
Although residential real estate bottomed out in 2020 against the previous peak of 2014, the October-December quarter has provided strong revival signs with home affordability being at its all-time best.
AFP
Due to increased new launches across cities, unsold inventory declined by 2% on a yearly basis to 6.38 lakh units during the fourth quarter.
MUMBAI: While the ongoing Covid19 pandemic has delivered a hard blow to the residential real estate, last quarter of the chaotic year has helped in softening the impact with gradual improvement in the sales momentum.
Explained: What does reduction in premium mean? Will it benefit Maharashtra’s real estate developers and homebuyers?
Reduced premiums can make projects viable for developers and help avoid project delays due to funding issues; lower development costs to realtors would mean lower purchase cost to homebuyers, which in turn can help boost demand.
Premium typically refers to the charges that are levied by the state with respect to approvals for initiating, progressing, and completing the area or additional area in a project.
After reducing stamp duties in the state from 5 percent to 2 percent until December 31, 2020, to boost residential sales, the Maharashtra government is now contemplating reducing the premiums on real estate projects by at least half, following recommendations of the Deepak Parekh Committee.
MMR property sales hit it big, highest since 2012
BySatish NandgaonkarSatish Nandgaonkar / Updated: Dec 10, 2020, 06:00 IST
PHOTO FOR REPRESENTATIONAL PURPOSE
November sales at a record high; year-on-year registrations, revenues shoot up nearly 67%; experts attribute it to reduced
stamp duty.
Property registrations and revenues in the Mumbai Metropolitan Region (MMR) touched a record high in November 2020. Registrations shot up 67 per cent year-on-year and 17 per cent monthon-month, as per data from the Department of Registration and Stamps analysed in two separate reports by
Knight Frank India, and Propstack.
The state government had cut stamp duty from 5 per cent to 2 per cent on August 26. The sales had then increased sharply, jumping up 112 per cent from 2,642 units sold in August to 5,597 units in September. In October, the unit sales touched a record high of 7,929, which was even higher than pre-pandemic sales of 6,150 units in January 2020. In November, it touched a n
New rules will lead to 100% rise in affordable housing
BySatish NandgaonkarSatish Nandgaonkar / Updated: Dec 10, 2020, 06:24 IST
The Uniform Development Control and Promotion Regulations will give boost to real estate sector
Developer body calls new regulations ‘game-changer’, says they will make construction across the state and multiple urban local bodies uniform.
The new Uniform Development Control and Promotion Regulations (UDCPR) will contribute to the increase in supply of affordable housing by 100 per cent across the state, according to developer body CREDAIMCHI, which represents more than 1,800 builders across Mumbai Metropolitan Region.
The 375-page UDCPR document notified by the
Maharashtra government last week will make construction regulations across the state and multiple urban local bodies uniform.