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Housing sales in Mumbai Metropolitan Region surge over 3-fold to Rs 1.33 lakh cr in January-August

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Positive policy amendments like reduction of stamp duty, reduced home loan rates, various financing and other offers run by developers and increase in the importance of owning a house due to the pandemic have contributed to this trend, said Deepak Goradia, President, CREDAI-MCHI.

Housing sales in Mumbai Metropolitan Region surge over 3-fold to Rs 1.33 lakh cr in January-August
Housing sales across the Mumbai Metropolitan Region (MMR) during the January-August period have risen more than three times to Rs 1.33 lakh crore, according to a joint report by CREDAI-MCHI and CRE Matrix. During January-August 2020, the MMR saw sales of Rs 41,353 crore only because of the adverse impact of the COVID-19 pandemic.
Industry body CREDAI MCHI in association with data analytics firm CRE Matrix on October 5 released a report titled 'MMR Housing Report 2021' and highlighted that the current calendar year could be the best in the last five years. According to the report, housing sales in the MMR stood at 1,71,165 units, valuing Rs 1,33,015 crore till the month of August this year.
Housing sales stood at 64,101 units, valued at Rs 41,353 crore during January-August last year. As per the report, sales in both volume and value terms till August this year have already exceeded the full-year numbers of 2020.
During the last calendar year, the sales of residential properties stood at 1,58,328 units valued at Rs 1.12 lakh crore. In 2019, total sales stood at 2,01,625 units at Rs 1,28,448 crore. Deepak Goradia, President, CREDAI-MCHI, said, “Positive policy amendments like reduction of stamp duty, reduced home loan rates, various financing and other offers run by developers and increase in the importance of owning a house due to pandemic have contributed to this trend.” The industry is finally seeing green shoots of revival after a flat growth for half a decade, he added.
Goradia expressed confidence that the trend would continue till the end of this year given the upcoming festive season. The Maharashtra government had reduced stamp duty from September 2020 till March 2021 to boost housing demand.
Abhishek Kiran Gupta Chief Executive Officer, CRE Matrix, said, "The year 2021 is on its way to become the best year in all aspects, be it unit sales, area sales, and value sales in the last five years, clearly putting the pandemic blues behind." He also noted that there is an upward movement in the MMR Housing pricing, which was more or less stagnant since the last half-a-decade. "This indicates that real estate, which was slow-moving till before the pandemic, would finally witness turnaround," Gupta said.
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