Shopping spree continues for Mumbai Real Estate!
The Real Estate market continued its upward march recording a phenomenal January month. While Jan 2023 was the 2nd best January in a decade in terms of number of transactions, it the best January as far as state revenues were concerned.
Few key data points:
📢 Total transactions in Jan 2023 : 8694 transaction
📢 Growth in Jan 2023 at 6.6% [Year-on-year]
📢 84% of transactions were of residential units while 16% were non-residential units.
This phenomenal growth in real estate transactions has boosted the revenue of the State government as well. The stamp duty collected in Jan 2023 was at Rs658 cr representing a growth of 37% when compared to Jan 2022 revenue collection. This growth can be attributed to the following:
🎯Implementation of metro cess of 1% from April 2202
🎯Higher number of transactions
🎯Increase in the base property values
🎯Higher proportion of sale in luxury apartments
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