Covid, rollback of stamp duty dent Mumbai residential sales: Knight Frank ANI | Updated: May 04, 2021 13:45 IST
Mumbai (Maharashtra) [India], May 4 (ANI): Mumbai recorded upwards of 10,000 residential property registrations in April but only 7 per cent of these registrations were from new residential sales while the rest were transacted between December 2020 to March 2021 for which applicable stamp duties were paid during the lower rate window.
Knight Frank India said there had been a sharp pick up between September 2020 to March 2021 during the 7 months of concessional stamp duty window. Hence, when the state government reverted to the previous stamp duty regime, sales momentum was expected to moderate post March 31.
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The onset of the second major wave of the COVID-19 pandemic has led to a fall in future sentiments index in the real estate industry for the next six months but it still remains in an optimistic zone, according to a report.
As per the 28th Edition of Knight Frank-FICCI-NAREDCO Real Estate Sentiment Index Q1 2021 (January - March 2021) Survey, the Future Sentiment score saw a decline from 65 in Q4 2020 to 57 in Q1 2021 due to uncertainties amid spread of a second wave of COVID - 19 infections.
However, it remained in the optimistic zone. The Current Sentiment score recorded a marginal improvement, inching up from 54 in Q4 2020 to 57 in Q1 2021. This improvement can be attributed to the healthy momentum in the commercial and residential real estate segments during Q4 2020 and during January - February 2021, Knight Frank India said.
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Housing sales up 44 per cent in January-March 2021 across 8 cities: Report
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Last Updated: Apr 05, 2021, 07:44 PM IST
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Synopsis 71,963 units were sold during Q1 2021, 44 per cent more than in Q1 2020. This healthy growth in sales also encouraged developers to launch new projects which are reflected in the 76,006 units launched during the quarter, substantial growth of 38 per cent year-on-year, Knight Frank India said in a statement.
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In the Delhi-NCR market, sales were up 24 per cent at 6,731 units.
Sales of residential properties across eight major cities grew 44 per cent in the January-March period this year to nearly 72,000 units as demand recovered, according to Knight Frank India. Mumbai Metropolitan Region (MMR) and Pune performed well on the back of the Maharashtra government s decision to reduce stamp duty.
India Business News: Sales of residential properties across eight major cities grew 44 per cent in the January-March period this year to nearly 72,000 units as demand reco