Home / News / India /  Mumbai: Homebuyers protest demanding immediate possession of houses

Homebuyers in Mumbai are holding a protest on Sunday, demanding immediate possession of their houses. The protesters comprised of homebuyers and their families in stalled residential complexes at Goregaon’s Patra Chawl – Ekta Tripolis and The Luxor (by Sangam Lifespaces).

Last year in September, a group of citizens held a peaceful protest opposite the MHADA building in Bandra (East). The 70-80 protesters of the buildings have booked flats that have already been constructed.

“Our homes are ready, but MHADA is not allowing us to move in because of MHADA’s disagreement with the now insolvent builder it had given development rights for the entire plot to," a flat buyer had then said.

Meanwhile, the growth traction in the real estate sector continues to be seen positively and the proof is the number of properties that have been registered in January 2023 in Mumbai under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC).

According to the latest property assessment registration records with the Department of Registration and Stamps, Government of Maharashtra, as many as 8,871 property conveyance deeds were recorded, which contributed 676.34 crore to the state exchequer in the form of revenue through stamp duty and registration fees last month.

Stamp Duty rates in Mumbai for men is 5 per cent with additional 1 per cent Metro cess (total 6 per cent on property value) whereas for women the stamp duty is 4 per cent and 1 percent Metro cess (total 5 per cent of property value). A separate 1 per cent is charged as registration fees.

Data available with the office of the Inspector General of Registration and Controller of Stamps showed that this January recorded the second-highest number of property registrations in terms of registrations in the months of January since 2013. 

The highest of 10,412 was recorded back in January 2021. This, as per officials, was due to the stamp duty discount provided by the Maharashtra government.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Recommended For You
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout