FCC

Mumbai sees a rush to close luxury housing deals

2023-03-03

In February, 9,684 properties in Mumbai were registered, bringing in approximately 11,110 million for the state coffers. Even though 10,379 properties were registered in February 2022, the income was only about 6,150 million.

Notwithstanding a decline in the number of registered properties, the state exchequer still made an eighty percent bigger amount of money.

Anuj Puri, the chairman of real estate consultants ANAROCK Group, claimed that this demonstrated a substantial change in the sale of expensive homes.

According to the new law, if someone sells a house or other assets, such as stocks, and makes more than $100 million in profits, the most benefit that may be reaped when investing in another property is only up to $100 million. From April 2023 forward, capital gains above $100 million will be subject to taxation.