"The reduction in stamp duty has led to a significant surge in sales of homes in Maharashtra, particularly in Mumbai, comforting the long-beleaguered real estate sector of this region," said Shishir Baijal, Chairman and Managing Director of Knight Frank India.
A combination of lowest home loan rates, reduced prices along with rebates and offers made by developers, as well as increased household saving rates have provided the right growth environment for the residential segment to grow, he said.
"This positive sales momentum is crucial for the developers who were facing severe liquidity challenges as well as below par valuations for their projects, making it tough for them to raise capital," said Baijal.
"As one of the largest employers of manpower second only to agriculture, sustained growth of the sector over mid- to long-term will also be instrumental in the proposed bounce back of economy," he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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