The Maharashtra government may have been enamored of this brief period of prosperity. Stamp duty hike, For the creator, this suggests a long journey ahead. But it’s something that can be overcome.

The consumer received a 2% value from the stamp duty waiver in the last three months. While a 2% price gap is significant to a homeowner, it is incorrect to conclude that it distinguishes between a booming and stagnant housing market.

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The Maharashtra government has decided not to extend the stamp duty waiver on property registrations until March 31, 2021. The waiver period, which ran from September 2020 to March 2021, has ended.

During that time, housing registrations increased dramatically, with numbers reaching new highs in December 2020 and March 2021 as homeowners raced to take advantage of lower stamp duty payments.

Not all of the registrations completed during this period were for new purchases. There were a large number of old sales recorded during this period, especially between September and December 2020, when the stamp duty in Mumbai was 2%. In addition, the resale market has seen a lot of activity as homeowners choose ready-to-move-in homes.

Nonetheless, it’s difficult to argue that the primary residential sector hasn’t seen much development. The CASA formula has proven to be successful in the industry. CASA is a Spanish word that means “house.”

A different CASA has gained momentum in the Mumbai housing market. It is a) a reputable developer and b) a sales strategy that is aggressive. d) Amenities c) Small apartments

Credible developer: It makes no difference whether a builder is ‘signed’ or ‘listed.’ As I previously said, there are branded developers that have yet to complete a single project, and there are listed players who have completed shoddy projects. The most important factor is whether or not the developer is trustworthy. Despite the fact that few people outside their micro-market have heard of them, many reputable developers who are oriented and have successfully performed in their micro-market have done well.

Aggressive pricing: If there’s one thing the market has learned in the last year, it’s that hoping for a higher price (or a government bailout) is pointless. As a result, the vast majority of players reduced their rates in an attempt to increase demand. Some have reduced their prices to such an extent that even I was surprised. It’s difficult to estimate the overall price drop, but I’d estimate that the cost of ownership for most customers fell by 15%, with developers accounting for the majority of the reduction. Customers have retaliated by cashing their checks.

Small apartments: Unit sizes have shrunk by more than 20% on average in the last decade as developers attempted to appeal to a wider audience of customers by lowering ticket sizes. Not all have been successful, and the phenomenon is starting to crumble, but those who have cleverly built their tiny apartments have benefited. Many that have not made optimal use of space have experienced sales difficulties.

Townships with a variety of facilities have been increasingly popular in recent years. Since COVID-19 emphasized the value of providing facilities inside your project, this trend has only intensified. The programs that have gained momentum are those that offer or aim to provide a comprehensive living experience. This could include anything from a swimming pool to a business center.

The big question is: will the industry’s fortunes plummet after the stamp duty exemption is lifted? Stuff would not collapse, in my opinion.

The consumer received a 2% value from the stamp duty waiver in the last three months. While a 2% price gap is significant to a homeowner, it is incorrect to conclude that it distinguishes between a booming and stagnant housing market.

However, there will be a slowdown because much of the pent-up and incremental demand has already been consumed in this process as all parties worked together to attract home buyers. Players or ventures that don’t succeed in this setting have a slim chance of making it in the industry.

However, those who operate within the CASA system will not see a significant drop in price, but the sales period will be longer as shoppers take longer to make decisions. Developers would continue to include further incentives to consumers in the form of stamp duty offset plans, and many will do so. As a result, volumes will not lose significantly, though the effect on value will be greater due to the configurations and prices in play.

During the pandemic, when public opinion was at its lowest, everybody pitched in to build a formula that piqued the customer’s interest. It necessitated a greater focus on consumer preferences and affordability. And less of a fictitious net margin or tax revenue.

It’s possible that the government got carried away by this brief period of prosperity. However, for the entrepreneur, this means a long journey ahead. But it’s something that can be overcome.

Navi Mumbai Property Trends & Rates Commercial / Residential February – 2021

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