Flat sales rise in Pune, Mumbai; Maharashtra slices rates on real estate developers by 50 per cent
Pune: A countless measure, which the industry stakeholders have been trying for the past some years to recover residential sales, played out concurrently in the post lockdown months, resulting in a bounce back in residential flat sales in Pune, Mumbai.
A change that could lead to discount in prices of houses in Maharashtra, the government, on Wednesday, cleared a proposal to reduce levies on real estate by 50 per cent till December 2021. The move will result in deduction of many premiums that developers have to pay as part of development of a project. As on date, there are many premiums are collected under various heads naming FSI, staircases, lift, lobbies to name a few. Surely, the move will boost the economy in real estate sector in coming days.
Pune and Mumbai markets led the revival in residential property sales as well as new launches in the second half of the year, according to Knight Frank India. All India residential sales saw a quarter-on-quarter (QoQ) rise of 84 per cent. Mumbai saw 193 per cent while Pune saw 143 per cent growth which recorded higher than average QoQ growth.
Knight Frank India credited the loud jump in property sales in Pune and Mumbai to Maharashtra state government’s change to reduce stamp duty by 300 basis points (BPS) for a limited period between September - December last year making home buying very attractive.