The registration of residential properties in Mumbai Metropolitan Region during October rose 36% year-on-year at 7,929 units on higher demand during the festive season and reduction in stamp duty by the Maharashtra government, according to Knight Frank.
The property consultancy’s report, released on Nov. 2, shows that registrations in October 2020 rose by 42% month-on-month and 36% year-on-year. Property transactions require the new owner to register title with the government, and to pay stamp duty.
Home sales volume in Mumbai stood at 7,929 units in October 2020 and were boosted by stamp duty cut and festive period of Navratri and Dussehra, Knight Frank said.
Demand was badly hit during April-June due to a nationwide lockdown to control the Covid-19 pandemic and has improved July onwards.
“At 7,929 units registered in October 2020, the residential sector of Mumbai recorded the highest…
