House Sales During Dussehra-Diwali Period Considered Steady; 8,202 Houses Sold In Mumbai This October
Mumbai, 31st October 2022: In October, 8,202 houses were sold in Mumbai and the state government got a revenue of Rs 698 crore through stamp duty collection. While it was estimated that there would be an increase in house sales during the Dussehra-Diwali period, the sales not even reach 10 thousand.
However, given the current property market conditions, builders and experts in the construction sector have expressed satisfaction with the house sales in October.
The year 2022 has seen fluctuations in the number of home sales. In January, May, June, and August, house sales could not cross the 10,000 mark. But at the same time, record sales of houses took place in March this year. More than 16 thousand houses were sold in March. 11 thousand more homes were sold in April as well. Even in July house sales were above 10 thousand. But in October house sales could not cross the mark of 10 thousand.
According to the beliefs of people, three and a half muhurats are considered important for buying a house. Out of these three and a half muhurats, one and a half muhurtas were in October. That is the Padwa of Dussehra and Diwali. It was said that there will be an increase in house sales in Mumbai during this period as there is one and a half muhurta. But actually, the increase was not seen in October. However, there was no decline in house sales. Home sales remained steady.
In October, 8,202 houses were sold and this resulted in a revenue of 698 crores. Experts in the field of construction, have explained that this house sale is satisfactory.
Credai-MCHI treasurer Pritam Chivukula said this figure is satisfactory given the property market environment. Meanwhile, he also reiterated the need to reduce stamp duty rates and premiums paid by developers to boost home sales.