Luxury apartment sales make a comeback in big cities; stamp duty cut helps

South-Central Mumbai localities in October had luxury home sales worth Rs 500 crore; demand grows for South Delhi properties

Sales of luxury apartments have bounced back, thanks to factors such as demand from non-resident Indians (NRIs), work from home, and cuts in stamp duty and other levies in some states.

Though sales of residential units have come down by 33 per cent in April-September this year to 42,250 units in the top seven cities in the country, the share of luxury apartments priced over Rs 2 crore has remained the same at around 10 per cent, said Anarock Property Consultants.

However, April and May were a washout for residential developers due to the lockdown.

Localities in south-central Mumbai witnessed luxury home sales