It is due to the stamp duty cut that home registrations have gone up in Mumbai, said Gulam Zia, ED of Knight Frank on Thursday.
Mumbai has seen a significant increase in the houses sold and bought in the month of December, up 103 percent over November.
“Last year, in 2019, the registrations of homes in Mumbai region were about 67,000 units odd and this year, 2020, we are closing it at more than 64,000 units, which means ever since the stamp duty cut was declared, the rise in registrations has been fabulous," said Zia in an interview with CNBC-TV18.
According to him, in the last 3 days, registrations in Mumbai have been 1,000 units per day and average registrations in December have been around 550 units per day.
On the price front, Zia said, “Ever since the stamp duty has been reduced, there is an evident drop in prices as well, which is not too much but 3-4 percent of price drop has also been noticed in the equal period that we are talking about.”
“Therefore, on one side you have 3 percent reduction in stamp duty and another 3-4 percent reduction in the prices. So net-net the benefit to buyers was about 6-7 percent,” he said.
For more details, watch video