In the month of May, Mumbai has recorded a significant number of property registrations despite increased stamp duty. Between 1-19 May itself, over 5000 properties were registered, generating a revenue of Rupees 448.40 crore from stamp duty fees, as per data available with the IGR Maharashtra, Department of Registrations and Stamps (Source).
Currently, homeowners pay 5% stamp duty and 1% is charged on the purchase of property. Additionally, the government introduced 1% metro cess starting April 1, which was earlier not levied in view of the pandemic. The last few months also saw an increase in prices of fuel and raw materials, leading to increase in cost of property.
However, in the remaining 10 days of May, registrations are believed to have returned to pre-COVID numbers, indicating a strong upward trend in the real estate market. After over two years, people are investing in properties with optimism and making their dreams of buying a home, a reality. Developers are also responding with enthusiasm, with several exciting residential projects moving forward in Mumbai, Navi Mumbai and Thane.
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