Representative Image (Source: Reuters)
As many as 100 real estate projects in Mumbai contributed to over Rs 25,000 crore in property sales in Mumbai (MMR) for the calendar year 2020. Majority of the top projects are from Lower Parel, Worli, with sales of more than Rs 9,000 crore, a report by Zapkey.com has said.
Some of the top projects in Worli, according to the report were, Raheja Artesia, Indiabulls Blu, One Avighna Park, Lodha World Towers, Piramal Mahalaxmi, Oberoi 360 West, Lodha The Park, among others, the report said, adding over 1,200 units were registered in the area.
Projects in Thane contributed to close to Rs 4,000 crore in sales with almost 4,000 units registered. Top-selling projects in the area were One Hiranandani Park, Lodha Amara, Lodha Crown, Courtyard, the report said.
"The Lower Parel/Worli area was going through a slowdown pre-covid because of the low demand, but the pandemic has actually given a big boost to the market. This is mainly because of higher interest in larger and luxury homes because of the pandemic and the reduction in stamp duty by the Maharashtra government, along with price cuts by sellers and low-interest rate regime, pushed up residential sales considerably," said Sandeep Reddy, co-founder at Propstack, told Moneycontrol.
Other areas that witnessed sales traction across these top 100 projects included Mulund with sales of over Rs 1,000 crore; Powai with sales of over Rs 1,000 crore; Borivali East with sales of Rs 850 crore and Andheri East with sales of over Rs 600 crore, the report said.
On August 26 last year, the Maharashtra government decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31, 2020, to boost the stagnant real estate market, which had been hit hard by COVID-19. Stamp duty from January 1, 2021, until March 31, 2021, will be 3 percent.