Mumbai Property Registrations Dip 14% in September 2024, Blamed on Shraadh Period
The Shraadh period, a significant cultural observance in Hindu tradition, has notably impacted the real estate market in Mumbai, leading to a 14% drop in property registrations in September 2024.
Real EstateProperty RegistrationsMumbaiShraadhMarket AnalysisReal Estate NewsOct 07, 2024
The primary reason for this decline is the Shraadh period, which lasted for 12 days in September. During this time, many Hindus avoid major purchases and transactions due to cultural and religious beliefs. Shraadh, also known as Shraddha, is a ritual performed to honor deceased ancestors, typically observed during the lunar month of Bhadrapada, which falls in September.
Knight Frank, a renowned global real estate consultancy firm founded in 1896, gathered this data from Maharashtra's Department of Registrations and Stamps. The firm specializes in both commercial and residential property sectors, offering a wide range of services including sales, leasing, property management, and investment advisory. With operations in over 50 countries, Knight Frank is a trusted name in property research, market analysis, and strategic consulting, serving a diverse clientele of investors, developers, and corporate occupiers.
The real estate market in Mumbai is divided into two main segments the primary market and the secondary market. The primary market involves the sale of new properties directly from developers, while the secondary market deals with the resale of existing properties by current owners. Both markets are crucial for Knight Frank, as the firm provides comprehensive services such as market analysis, transaction advisory, and investment consultancy to support clients in making informed decisions.
Shraadh, with its deep cultural roots, has a significant impact on the real estate sector. The ritual is a time when families come together to perform ceremonies, offer food, and make donations to honor their ancestors. Many believe that engaging in major transactions or purchases during this period can bring bad luck or disrespect to their ancestors. As a result, there is a noticeable dip in property registrations and sales during the Shraadh period, as evidenced by the recent data from Knight Frank.
The timing of Shraadh can directly influence market activity in the real estate sector, affecting both primary and secondary property markets. This cultural observance highlights the interplay between traditional beliefs and modern economic activities, emphasizing the need for real estate professionals and investors to consider these factors when planning transactions.
For those in the real estate industry, understanding the cultural and social aspects that influence market trends is crucial. It can help in better planning and timing of property transactions, ensuring that they align with periods of higher consumer confidence and activity. This cultural awareness is particularly important in a city like Mumbai, where the real estate market is highly competitive and influenced by a multitude of factors, both economic and cultural.
Frequently Asked Questions
What is the Shraadh period and when is it observed?
Shraadh, or Shraddha, is a Hindu ritual performed to honor deceased ancestors. It is typically observed during the lunar month of Bhadrapada, which usually falls in September.
How does the Shraadh period affect the real estate market in Mumbai?
During the Shraadh period, many people avoid major purchases and transactions due to cultural beliefs. This can lead to a noticeable decline in property registrations and sales.
What is the difference between the primary and secondary property markets?
The primary market involves the sale of new properties directly from developers, while the secondary market deals with the resale of existing properties by current owners.
Who is Knight Frank and what services does it offer?
Knight Frank is a global real estate consultancy firm founded in 1896. It offers services in commercial and residential property sectors, including sales, leasing, property management, and investment advisory.
How can real estate professionals and investors benefit from understanding the impact of cultural observances like Shraadh?
Understanding the cultural and social aspects that influence market trends can help real estate professionals and investors better plan and time property transactions, ensuring they align with periods of higher consumer confidence and activity.
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