led the revival with both sales as well as new launches recovering significantly in the second half (July-December) of the year calendar year 2020, a Knight Frank India report on India Real Estate: H22020 said.
"While all India residential sales saw a quarter-on-quarter (QoQ) rise of 84 per cent, Mumbai (193 per cent) and Pune (143 per cent) recorded higher than average QoQ growth. This was mainly due to the Maharashtra State Government’s initiative to reduce stamp duty by 300 basis points (BPS) for a limited period between September-December 2020 making home buying very attractive," it added.
Apart from pent-up demand, there has been a combination of factors like lower housing prices, attractive offers/ discounts by developers, multi-decade low interest rate, high household savings that has given a strong fillip to residential sales. Government policy support like the stamp duty cut in case of Maharashtra has been a very supportive factor for the pick-up in residential sales in this region, said Rajani Sinha, Chief Economist and National Director, Research at Knight Frank India.
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