India’s largest realty market is now also one of the strongest growth markets

the Inspector General of Registration, Maharashtra, the city of Mumbai registered over 10,026 residential deals last month. This amounted to a 23 per cent jump from January, a 10-year record increase. Moreover, it was an increase of over 70 per cent from pre-COVID levels, as the city registered 5,927 residential deals in February 2020, just a month before the first COVID-19 outbreak was reported in India. In terms of revenue to the state exchequer, it was once again the best February for the country’s commercial capital, with over ₹5.61 billion (US$73.52 million) in stamp duty collection.
“Mumbai, apart from being the country’s largest realty market, is now also one of the strongest growth markets,” Boman Irani, President of realtors’ body CREDAI-MCHI, said. “A slew of measures like the progressive budget, availability of the lowest home loans rates and a good home buying environment is driving this growth. We expect this uptrend to continue in the months to come and hope that the government remains supportive.”
Meanwhile, Vikas Chaturverdi, the chief executive of Xanadu Group, involved in institutional marketing and sales in the real estate sector, noted that a host of factors are triggering a robust response from homebuyers who have realised “this is the best time to buy”. “We are seeing good traction in sales activity across categories and micro-markets, robust conversion of inquiries into deals. It is an indication of positive sentiment combined with low interest rates and stable pricing that is translating into business momentum. With all positive factors in place, most homebuyers have realised this is the best time to buy,” he said, adding that both western and central suburbs of Mumbai are leading this momentum in sales.