Luxury Home Sales On The Rise In South Mumbai

After the terrible year that most of us have faced, the luxury real estate dealers faced a happy October as they noticed a rise in the sales of luxury homes in the south-central part of Mumbai.

There was never a lack of inventory in the market, but various festive offers and reduction in stamp duty led to increase in the interest of buyers.

According to reports, you’ll find localities like Tardeo, Mahalaxmi, Prabhadevi, Byculla and Lower Parel have seen an increase over 230 per cent year-on-year with monthly sales of up to five hundred crores. Compared to last year, this was merely one fifty crores. 

Even at high ticket prices, the offers by vendors are pushing up the sales. If the buyers buy a property worth Four Crores then you’ll save up to twelve lakhs due to the reduction in stamp duty. The state government has reduced the stamp duty from 5 per cent to 2 per cent until January 2021. Post which, you’ll find a duty of up to 3 per cent.

This step was taken by the government to increase home sales during the pandemic and to help the Indian economy which has been facing major downfalls. The surge in the sales is expected to continue over the year, till the festive offers continue. Nowadays, customers have a clear set of expectations regarding what they want in their houses- low-interest rates and cut stamp duty.

With that said, the sales in the luxury and premium real estate are bound to increase till year-end.