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In Mumbai, home sales hit a record 1 lakh in the first 10 months, with Diwali demand picking up

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By October this year, Mumbai had registered 1 lakh property registrations, reaching the milestone for the first time in 10 months.

Property registrations rose 9% year-on-year to 1,03,557 between January and October, according to a report by property consultancy Knight Frank. This added Rs 7,300 crore to government revenue, a 10-year high for the period. , up 53% annually.

In October, 8,276 units were registered in the area under Brihanmumbai Municipal Corporation, bringing in Rs 705 crore to the state exchequer, a growth of 28%.

The surge coincided with the festive season, with 2022 registering the second best Diwali sales in 10 years. The best Diwali sales were recorded in 2020, when the reduction in stamp duty saw 9,301 units registered.

The Diwali surge came despite rising house prices as Metro Customs increased stamp duty by one percentage point. Builders have also raised prices to combat commodity inflation, and home mortgage rates are rising in line with increased repo volumes.

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