Mumbai Property Market Thrives with Over 5,000 Registrations During Navratri 2024
September 2024 saw a decline in property registrations due to Pitrupaksh, but Navratri 2024 brought a surge with 5,199 transactions, marking a 13.2% YoY growth.
Mumbai Property MarketNavratri 2024Property RegistrationsReal EstateMarket TrendsReal Estate MaharashtraOct 17, 2024
Additionally, the daily average property registrations rate increased from 510 units in Navratri 2023 to 578 units in Navratri 2024. This improvement also translated into a significant boost in daily revenue, which rose from Rs 48 crore per day in Navratri 2023 to Rs 56 crore per day in 2024, according to data from Knight Frank.
In September 2024, the city registered a total of 9,111 property transactions, averaging 304 units per day. The decline in registrations during this month was primarily attributed to the Pitrupaksh period, observed from September 18 to October 2, 2024. Homebuyers typically avoid making major purchases during this time, leading to a temporary slowdown in market activity.
However, the Pitrupaksh period itself saw a steady market activity with 3,216 property registrations. The daily average rose by 5%, from 279 to 292 units, indicating a resilient market even during traditionally slower periods. Revenue collection also saw strong growth, increasing by 14% to Rs 219 crore in 2024, compared to Rs 191 crore in 2023. The average daily revenue jumped by 25%, from Rs 16 crore to Rs 20 crore.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, commented on the trend, saying, “The festive season sparked renewed sales momentum, leading to a sharp rise in property registrations. While September 2024 saw lower volumes due to the Pitrupaksh, Navratri brought a shift in sentiment. Stable interest rates and growing demand for premium properties have driven this increase. Revenue collection during Navratri 2024 increased by 15.2%, and we expect strong registration volumes to continue into Diwali, supported by steady sales, gradually increasing property prices, and stable interest rates.”
Knight Frank India is a leading real estate consultancy firm, providing comprehensive services in the areas of valuation, project management, and market research. The firm has been instrumental in analyzing market trends and providing strategic insights to stakeholders in the real estate sector.
These numbers highlight the resilience and growth potential of Mumbai’s property market, even during periods traditionally considered slow. As the festive season progresses, market analysts and industry experts are optimistic about continued positive performance.
Frequently Asked Questions
What is the significance of Pitrupaksh in the property market?
Pitrupaksh is a period when many homebuyers avoid making major purchases. This typically leads to a temporary slowdown in property registrations and market activity.
How many property registrations were recorded during Navratri 2024 in Mumbai?
Mumbai recorded 5,199 property registrations during the nine days of Navratri 2024.
What was the percentage growth in property registrations during Navratri 2024 compared to 2023?
There was a 13.2% year-on-year (YoY) growth in property registrations during Navratri 2024 compared to 2023.
How did the daily revenue from property registrations change during Navratri 2024?
The daily revenue from property registrations increased from Rs 48 crore per day in Navratri 2023 to Rs 56 crore per day in 2024, a 16.7% increase.
What is the outlook for the Mumbai property market during the festive season of Diwali?
Experts expect strong registration volumes to continue into Diwali, supported by steady sales, gradually increasing property prices, and stable interest rates.
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