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Maharashtra stamp duty cut may spur sales of smaller apartments: Realtors

"There is pent-up demand. I feel demand for smaller apartments will rise as people want to buy new homes," said Deepak Parekh, chairman of HDFC

The price of a residential unit, on an average, is 9-10 times annual income in a city like Mumbai, and about six-seven times in most tier-one cities

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Mumbai Metropolitan Region (MMR) has the highest unsold inventory among top cities

2 min read Last Updated : Aug 27 2020 | 10:27 PM IST

The cut in stamp duty and levies in Maharashtra is expected to spur sales of smaller apartments over other segments, say developers and lenders.

“There is pent-up demand. I feel demand for smaller apartments will rise as people want to buy new homes,” said Deepak Parekh, chairman of HDFC. He added that there already is inventory of ready-to-move-in apartments. “Developers are cash-strapped due to Covid, and depending on their conditions, are ready to give good deals,” said Parekh.

Kamal Khetan, chairman of Mumbai-based Sunteck Realty, said the reduction in rates will boost sales of low- and mid-income housing, given these

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