Consistent growth in sales during stamp duty cut period: Anarock
Real Estate

Consistent growth in sales during stamp duty cut period: Anarock

The second Covid-19 wave coupled with the expiry of the stamp duty cut period will impact the monthly growth momentum of Mumbai's housing sector. During the period of stamp duty cuts, there was consistent m-o-m (month-on-month) growth in sales.

A new data by Anarock property consultants states that, as per data by Inspector General of Registration (IGR), Maharashtra, the stamp duty cut period between September 2020 to March 2021 saw as many as 80,718 properties registered in Mumbai alone—a growth of 114% against the same period last year (September 2019 to March 2020).

Prashant Thakur, Director and Head—Research, Anarock Property Consultants highlighted that despite the stamp duty cuts in this period, the state government collected almost the same volume of registrations revenue as it did last year in the same period. The total revenue collected stood at Rs 2,914 crore between September 2020 to March 2021 period, while it was Rs 2,958 crore in the corresponding period a year ago.

In short, the increased sales volumes aided by the stamp duty cut helped the government avoid severe revenue loss. Ever since the expiry of the stamp duty cut period from April1 onwards, there has been a marked drop in property registration numbers. Besides the expiry of the stamp duty cut period, the second Covid-19 wave and ensuing restrictions aimed at curtailing the city’s caseload have contributed towards the declining numbers.

Clearly, the stamp duty cut significantly stimulated housing demand in the city. According to Anarock, the government would do well to seriously consider extending it to keep the property sales momentum—and registrations revenue—going. It is an apt time to consider such a move as the second wave has proved to be far more serious than the first one.

Overall, the housing sector is better equipped this time around as more developers have developed digital marketing capabilities and the government has allowed construction activities to continue.

However, the April-June quarter will certainly be impacted by the rapid spread of the virus. Already, restrictions on interstate movement and the call to steel manufacturers and fabricators to allocate their oxygen supplies to the hospitals have put pressure on the supply chain.

Amid these challenges, the stamp duty cut period showcased that housing demand in the financial capital is very healthy. Industry bodies are campaigning with the state government to ensure that this demand is harnessed to everyone's benefit.

The second Covid-19 wave coupled with the expiry of the stamp duty cut period will impact the monthly growth momentum of Mumbai's housing sector. During the period of stamp duty cuts, there was consistent m-o-m (month-on-month) growth in sales. A new data by Anarock property consultants states that, as per data by Inspector General of Registration (IGR), Maharashtra, the stamp duty cut period between September 2020 to March 2021 saw as many as 80,718 properties registered in Mumbai alone—a growth of 114% against the same period last year (September 2019 to March 2020). Prashant Thakur, Director and Head—Research, Anarock Property Consultants highlighted that despite the stamp duty cuts in this period, the state government collected almost the same volume of registrations revenue as it did last year in the same period. The total revenue collected stood at Rs 2,914 crore between September 2020 to March 2021 period, while it was Rs 2,958 crore in the corresponding period a year ago. In short, the increased sales volumes aided by the stamp duty cut helped the government avoid severe revenue loss. Ever since the expiry of the stamp duty cut period from April1 onwards, there has been a marked drop in property registration numbers. Besides the expiry of the stamp duty cut period, the second Covid-19 wave and ensuing restrictions aimed at curtailing the city’s caseload have contributed towards the declining numbers. Clearly, the stamp duty cut significantly stimulated housing demand in the city. According to Anarock, the government would do well to seriously consider extending it to keep the property sales momentum—and registrations revenue—going. It is an apt time to consider such a move as the second wave has proved to be far more serious than the first one. Overall, the housing sector is better equipped this time around as more developers have developed digital marketing capabilities and the government has allowed construction activities to continue. However, the April-June quarter will certainly be impacted by the rapid spread of the virus. Already, restrictions on interstate movement and the call to steel manufacturers and fabricators to allocate their oxygen supplies to the hospitals have put pressure on the supply chain. Amid these challenges, the stamp duty cut period showcased that housing demand in the financial capital is very healthy. Industry bodies are campaigning with the state government to ensure that this demand is harnessed to everyone's benefit.

Next Story
Real Estate

Dharavi Rising

Dharavi, Asia’s largest informal settlement, stands on the cusp of a historic transformation. With an ambitious urban renewal project finally taking shape, millions of residents are looking ahead with hope. But delivering a project of this scale brings immense challenges – from land acquisition to rehabilitate ineligible residents outside Dharavi and rehabilitation to infrastructure development. It also requires balancing commercial goals with deep-rooted social impact. At the helm is SVR Srinivas, IAS, CEO & Officer on Special Duty, Dharavi Redevelopment Project (DRP), Government..

Next Story
Real Estate

MLDL Records 20.4% Growth in Pre-Sales

Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, announced its financial results for the quarter ended March 31, 2025. In line with INDAS 115, the company recognises revenues using the completion of contract method. Key highlights FY25: Consolidated sales (Residential and IC&IC) of Rs 32.99 billion. Gross development value (GDV) additions in FY25 were Rs 1.81 trillion compared to Rs 440 billion in FY24 (~4x growth). Residential pre-sales of Rs 28.04 billion in FY25, reflecting 20.4% growth o..

Next Story
Infrastructure Transport

UCSL Delivers India's First Green Cargo Vessel to Norway

In a landmark achievement for Indian shipbuilding and the Atma Nirbhar Bharat initiative, Udupi Cochin Shipyard Limited (UCSL), a subsidiary of Cochin Shipyard Limited (CSL), has delivered the first of six next-generation green cargo vessels to Norway-based Wilson Ship Management AS, Europe’s largest short-sea shipping operator. The 3,800 DWT vessel, named Wilson Eco 1, was handed over during a ceremony at New Mangalore Port. The delivery is part of a Rs 5.06 billion project supported by Norway’s green maritime funding programme, marking India's entry into the European eco-friendly ca..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?