MMR SEES 33% GROWTH IN HOME SALES IN JAN: REPORT
The region also witnessed a 14% year-over-year growth in its average property value
The average value of the property sold in Januar y was 66 lakhs. The Mumbai Metropolitan Region (MMR) also witnessed a 14 per cent year-over-year (y-o-y) growth in the average property value, according to the comprehensive research report MMR Property Tracker at CREDAI MCHI Biznet 2021. The monthly report, which has traced the quantum of MMR residential real estate transactions in Januar y, has analysed the region by dividing it into eight key housing markets: CBD Mumbai, Central Mumbai, Central Suburbs, Western Suburbs, Eastern Suburbs, Thane, Raigad and Palghar.
On the back of the stamp duty rate cut announced by the Maharashtra government, MMR’s real estate sector witnessed an improvement in homebuyers’ sentiments and housing registrations. This not only led to higher sales for developers, but also increased revenue for the state government, especially in December, 2020, determined the report. The rate marginally increased to 3 per cent in Januar y. However, the enhanced sentiments carried forward to Januar y, 2021, as the month witnessed better sales than September, October and December, 2020.
CREDAI MCHI president Deepak Goradia said, "The past few months have re-laid the foundation of the real estate sector not just in MMR, but the entire state of Maharashtra, largely owing to the progressive and decisive measures taken by the state government to galvanize the sector in the post pandemic era. This joint report with CRE Matrix is a testament to the improving home buying sentiments in MMR, with the region witnessing an overall year-over-year growth of 33 per cent in housing sales in Januar y. Homebuyers, at the back of COVID-19, have also fully comprehended the importance of owning a house and have been registering interest owing to a number of favourable buying factors. We expect this strong tide to continue till March and hope to sustain this momentum beyond March as well."