Maharashtra: Best time to buy a property is now
Undoubtedly, the stamp duty cut announcement by the Maharashtra Government has proved to be a game changer in reviving the real estate sector in the state. The results of this slash were seen immediately with Mumbai recording registrations that increased significantly whereas Pune’s property market too witnessed healthy green shoots which brightened the scope for increased real estate sales in the last couple of quarters. The recovery of pent up property demand coupled with proactive government measures like lowering of stamp duty have been the main reasons for the cities bullish sales.
Ashok Mohanani, President, NAREDCO Maharashtra opines: “The city’s real estate market has bounced back from the brief slump with a roar owing to sharp sales jumps on the back of measures announced by the Maharashtra Government in the recent past. With the last few days left to avail the stamp duty benefit, this is the best time to buy a home as it gives aspiring homebuyers a lifetime opportunity to purchase their dream home with reduced stamp duty as well as all-time low-interest rates. On behalf of the real estate fraternity, we urge the government to extend the reduced 3% stamp duty charges for another two quarters so that we could continue to encourage the homebuyers to invest in their dream homes.”
Predicting the registration numbers, Ram Naik, Executive Director, The Guardians Real Estate Advisory said, “Similar to the response received in December 2020, the sector is going to witness a heavy downpour of registrations in the last few days of March so as to avail the 3% stamp duty benefit until March 31st. The month is expected to end with a registration number in the range of 10000 – 14500 as developers are pinning hopes on fence sitters who are expected to close their transactions. Post April 2021 the market is expecting the affordable housing industry to deliver handsome numbers as a result of the suppressed demand that has been unable to enter the market due to travel restrictions.”
Commenting on the factors that will lead to growth in sales, Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Hon. Secretary, CREDAI MCHI said, “The last few days to avail the stamp duty benefit by Maharashtra Government coupled with the reduction in home loan interest rates by leading banks for a limited period have extended the best buying opportunity for the homebuyers. The real estate market is expected to witness a considerable growth in sales as well as a rise in property registrations this month as the buyers are believing this is the best time to buy a property. For the next few days, the buyers can swoop in on good deals on the back of rock-bottom interest rates on home loans, stamp duty relaxation, offers and the availability of choices from good developers.”
The Maharashtra government, in its budget for 2021-22, announced a concession of 1% over the prevailing stamp duty rate on property transactions, if the transfer of house property or registration of sale deed, is done in the name of women. All these factors have led to an increase in buyer’s confidence making it the best time to buy their dream home.