People of Mumbai bought property extensively during Ganpati festival, government earned Rs 1124 crore - Newztezz Online

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Sunday, October 1, 2023

People of Mumbai bought property extensively during Ganpati festival, government earned Rs 1124 crore

The festive season is going on. The most pomp and show of Ganpati festival is seen in Maharashtra and its splendor is worth seeing in Mumbai. During this period, people buy property in large numbers here. The government also earns good income from this.

In September, Ganpati festival was celebrated all over Maharashtra especially in Mumbai. On this occasion, there was huge purchase of property in Mumbai and it broke last year's record. Maharashtra government also earned a lot from this purchase of property. The government earned Rs 1,124 crore from stamp duty.

This September has been the best for the country's financial capital Mumbai in terms of property registration and stamp duty collection. While 23 percent more properties have been booked as compared to last year, stamp duty collection has increased by 53 percent.

10,602 properties were sold

A total of 10,602 properties were registered in the country's largest and expensive property market i.e. Mumbai during September. The government earned a total of Rs 1,124 crore from stamp duty on this property. This information has been obtained from the data of Registrar Inspector General (Inspector General of Registration) of Maharashtra.

Generally, Ganesh Utsav is celebrated with great pomp in Maharashtra in the month of September. On the occasion of this biggest festival of the year, people consider it auspicious to invest in property. Now in the coming months, property purchasing is expected to be good on the occasion of Navratri and Diwali.

82 out of 100 houses sold

Of the total properties registered in Mumbai in the month of September, 82 percent were residential and 18 percent were commercial and other category properties. Shishir Baijal, CMD of property consultant Knight Frank India, says that Mumbai's residential market is witnessing tremendous growth. This segment is crossing the mark of 10,000 properties. The monthly average of residential property booking in the first 9 months of 2023 has been 10,433 units. Most of the properties in this were valued at more than Rs 1 crore.

In the last few years, the sale of properties worth more than Rs 1 crore has increased. Their sales during January-September 2023 have been 57 percent, which was only 49 percent in January-September 2020.

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