Developers bank on GDP growth to push future home sales

01 Sep 2021 CW Team

Mumbai builders are queuing up to take advantage of the development premium discount offered by the state government. Industry leaders talk to E Jayashree Kurup that they are confident this large volume of stock, which will hit the market in the next 3-4 years, will continue to fly off the shelves as new segments of the economy emerge from the slowdown.

Has the over 47,000 homes sold in the MMR (Mumbai Metropolitan Region) from July 2020 to March 2021 taken the edge off the buyer's appetite? Will the upto 50% discount on development premiums lead to a massive amount of stock which could create a glut in the market?

Developers in Maharashtra had already received a shot in the arm when the state government dropped stamp duty rates to 2% till December 2020 and to 3% till March 2021. As a result of this incentive, home buying shot up. Mumbai, along with Pune, accounted for over 45% of houses sold in India between January and June 2021, according to a Knight Frank report.

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