In the worse times of the Covid-19 pandemic, the city of dreams, Mumbai finally made a big bet on real estate. This sudden movement in the real estate market seems to be an outcome of the steep reduction in stamp duty, low home loan interests, and attractive offers being provided by the developers. The combination of these factors attracted homebuyers and convinced them to believe that this is the perfect time to invest. The market is healing slowly and is in a stable recovery phase, which indicates that this will compensate for these offerings soon.
Commenting on the sudden movement in sales for the MMR market, Mani Rangarajan, Group COO Housing.com, Makaan.com, and Proptiger.com said, “One of the catalysts for a huge jump in residential sales in MMR is the reduction in stamp duty. However, the interest of homebuyers also got a boost due to low home loan interest rates, festival season, pent-up demand, stagnant property prices,and incentives/offer given by the developers. We believe that the real estate has now picked up the momentum, and is going to continue to the next year. The market is flush with options and buyers are responding positively to any step which is going to help them save money. In fact, the situation has started improving in MMR after the Unlock.”
According to the Real Insight Report for Q3 2020 by Proptiger Data Labs, residential home sales aggregated to 35.132 units during Q3, an increase of 85% over the previous quarter. RTMI prices are at the lowest at some of the under-construction projects. This is pushing the pent-up demand from homebuyers to invest in these properties or units. GST charges are not applicable on ready-to-move-in homes, the reduction in stamp duty is further giving more boost.
As per the recent real estate projects MMR has close to 18,500 ready units available for sales across different price points. This is a win-win nice situation for even affordable buyers seeking to create a future asset. The chances are these offers given by the developers can be withdrawn from the market gaining momentum and showing positive signs.