Despite COVID-19, real estate sales in Mumbai have grown by almost 35 percent year-on-year in October indicating the massive pent-up demand among end-users to buy property and clearly suggesting that the state government's decision to reduce stamp duty is finally showing results, says a study by Propstack, a data analytics firm.
The number of registrations in February 2020 just before the lockdown was 5,927. In March the number dwindled to 3,798 and was zero in April. When the registration offices reopened in May, the number of registrations gradually climbed to 207 and were at 1,839 in June, 2,662 in July and August and 5,597 in September. The number has touched 7,929 in October due to the festive season and the discounts available in the market.
The number of registrations in October 2019 was 5,811 indicating that the sales volume has increased by almost 30 percent, the study said.
"This is an increase of almost 30 percent compared to pre-COVID levels and an almost 25 percent increase compared to October 2019. This clearly indicates that a combination of factors is at work this festive season - a discount of 5 to 15 percent by developers, stamp duty reduction by the state government and low interest rates," Sandeep Reddy, co-founder at Propstack, told Moneycontrol.