Festive Season Boosts Mumbai Property Market: Knight Frank Insights
The festive season in Mumbai is expected to bring a surge in property registrations, with an estimated 12,929 units to be registered in October 2024, contributing over Rs 1,099 crore to the state's economy.
Mumbai Property MarketFestive SeasonProperty RegistrationsKnight FrankReal Estate RecoveryReal Estate MaharashtraOct 31, 2024
Knight Frank, known for its comprehensive real estate insights, attributes this positive trend to the festive season, which often sees a surge in property transactions. The period between September and November is particularly significant as it includes major festivals like Ganesh Chaturthi, Navratri, Dussehra, and Diwali. These festivals are traditionally associated with new beginnings and investments, making them a favorable time for property purchases.
Information
The property market in Mumbai has been showing signs of recovery over the past few years. After a period of slowdown due to economic uncertainties and regulatory changes, the market is gradually picking up pace. The introduction of the Real Estate (Regulation and Development) Act (RERA) and the Goods and Services Tax (GST) has brought more transparency and stability to the sector, boosting investor confidence.
Details of the Report
According to the report, the majority of the property registrations are expected to occur in the suburbs of Mumbai, which have seen significant development in recent years. The areas of Thane, Navi Mumbai, and Kurla are particularly notable for their growth. These suburbs offer a mix of affordable housing and infrastructure development, making them attractive to first-time buyers and families.
The report also highlights the role of technological advancements in driving the property market. Online platforms and virtual tours have made it easier for buyers to explore properties, even during the ongoing pandemic. This has helped to maintain the momentum in the market despite the challenges posed by the health crisis.
Impact on the Economy
The anticipated increase in property registrations is expected to have a positive impact on the local economy. Property transactions not only contribute to the state's revenue but also create employment opportunities in various sectors such as construction, real estate, and finance. The influx of new homebuyers is likely to stimulate demand for related services, further boosting economic activity.
Knight Frank
Knight Frank is a global property consultancy that provides a wide range of services, including valuation, advisory, and transactional support. With a presence in over 59 countries, Knight Frank is one of the world's leading real estate consultancies. The company's expertise in the Indian property market has made it a trusted source of information for investors, developers, and policymakers.
Conclusion
The festive season in Mumbai is set to inject a dose of optimism into the property market, with a projected surge in registrations and economic contributions. As the city continues to recover from past challenges, the positive trend is expected to further strengthen the real estate sector, benefiting both buyers and the broader economy.
Frequently Asked Questions
What is the projected number of property registrations in Mumbai during the festive season of October 2024?
Mumbai is expected to see approximately 12,929 property registrations in October 2024, according to Knight Frank.
How much revenue is expected to be generated from these property registrations?
The property registrations are expected to contribute over Rs 1,099 crore to the state's economy.
What festivals are significant for the property market in Mumbai?
Festivals such as Ganesh Chaturthi, Navratri, Dussehra, and Diwali are particularly significant for the property market in Mumbai, as they are associated with new beginnings and investments.
Which areas in Mumbai are expected to see the most property registrations?
The majority of property registrations are expected to occur in the suburbs of Mumbai, with Thane, Navi Mumbai, and Kurla being notable areas of growth.
How has technology impacted the property market in Mumbai?
Technological advancements, such as online platforms and virtual tours, have made it easier for buyers to explore properties, even during the pandemic, helping to maintain the market's momentum.
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