Labourers at a construction site in Mumbai on Monday. (PTI) MUMBAI METROPOLITAN Region (MMR) saw a total of 2.24 lakh residential properties valued at Rs 1.90 lakh crore registered in 2021 — an increase of 53 per cent over 2020 and a rise of 20 per cent as compared to 2019, according to a research report.
Of the 2.42 lakh home sales in the MMR last year, the highest number, at 102,054, were sold in Thane, a share of 42 per cent of the total sale. Thane also recorded the highest share in stamp duty collection in the MMR.
A total of 12,023 houses were sold in Mumbai city and 65,114 in Mumbai suburbs in 2021, as per MMR Housing Uptick aided by Support research report, conducted jointly by CREDAI MCHI, Colliers and CRE Matrix.
As per the report, central Mumbai (Dadar, Lower Parel, Worli, Sewri, Mahim, Matunga, Parel, Wadala) saw the maximum revival in sales last year with registrations rising 93 per cent from 2019 and 71 per cent from 2020.
In MMR, the uptick in home sales in 2021 led to 81 per cent higher stamp duty collections Year On Year, almost touching 2019 levels.
BMC revenue collections also reached a 10-year high at Rs 11,000 crore in 2021. The collections, on an average, were between Rs 3,500-4,000 crore every year.
The cut in stamp duty gave boost to affordable and mid segment home sales which rose by 22 per cent in 2021 from 2019. Sales in this segment accounted for 39 per cent of the total sales during 2021.The majority of the sales were seen in Thane, with western suburbs a distant second.
Demand in the luxury segment also bounced back after many years in Mumbai and sales doubled in 2021 from 2019. Luxury sales accounted for the highest share in three years, at 28 per cent of the sales in 2021. Majority of the sales were in Central Mumbai, followed by western suburbs, the report states.
Boman Irani, the president of CREDAI-MCHI, said, “A series of positive actions by the Maharashtra government ensured that the real estate sector gets a boost amid trying times of Covid-19 pandemic. The reduction in stamp duty helped in doubling the number of flats sold.”
“If the demand persists in a similar trend led by huge propensity to purchase, the market will see a better demand-supply equilibrium in 2022. There could also be a 2-5 per cent increase in prices in the latter half of the year,” said Ramesh Nair, CEO, India.
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
