Sales Of Homes Over Rs 10 Crore Rise In Mumbai: Knight Frank

Sales of homes over Rs 10 crore rose in Mumbai between September 1 and December 17, real estate consultant Knight Frank estimated in a report. Mumbai recorded sales of 116 units of high-end residential properties after Maharashtra government reduced stamp duty by 300 bps (basis points). The month of October 2020 recorded the highest number sale of high-end residential units with 50 units being sold, Knight Frank said in a press release.

So far in calendar year 2020, 240 high-end residential properties were sold in Mumbai and nearly half the sales of such homes took place in the last four months of the year, indicating a positive impact of the stamp duty rebate on property market of Mumbai while the economy inches back to normality post the lockdown, Knight Frank said.

"Central Mumbai and Western suburbs of the city accounted for the majority of the sales. While Western Suburbs led the table with 44 units of homes costing more than Rs 10 crore, the Central Suburbs contributed 43 units to the total tally of high-end home sales. 18 of the high-end homes were sold in South Mumbai," Knight Frank added.

"Recent price correction, coupled with the reduction in stamp duty in Maharashtra, has made residential real estate in Mumbai attractive for buyers, stimulating demand across segments. The high-end residential market, that had been subdued, also saw significant traction as a result of these favourable factors, leading to an increase in sales of homes costing over Rs 10 crore," Shishir Baijal, Chairman and Managing Director, Knight Frank India said in a statement.