Mumbai Property Registrations See 14% Drop in September 2024
Knight Frank reports a 14% decline in property registrations in Mumbai for September 2024, largely attributed to the Shraadh period.
MumbaiProperty RegistrationsReal EstateShraadhKnight FrankReal Estate MaharashtraOct 07, 2024
Shraadh, or Shraddha, is a Hindu ritual performed to honor deceased ancestors, typically observed during the lunar month of Bhadrapada, particularly in the period known as Pitru Paksha. The ritual involves expressing gratitude and respect for ancestors, seeking their blessings, and ensuring their peace in the afterlife. It is a time when families come together to perform rituals, offer food, and make donations. The cultural belief that significant purchases or high-value transactions during this period may bring bad luck or disrespect to ancestors leads to a noticeable decline in property registrations and sales.
Knight Frank, a global real estate consultancy firm founded in 1896, gathered this data from Maharashtra's Department of Registrations and Stamps. The firm offers services in both commercial and residential property sectors, including sales, leasing, property management, and investment advisory. With a presence in over 50 countries, Knight Frank is renowned for its expertise in property research, market analysis, and strategic consulting. It serves a wide range of clients, including investors, developers, and corporate occupiers.
The primary market, which involves the sale of new properties directly from developers, and the secondary market, which involves the resale of existing properties by current owners, are key areas of focus for Knight Frank. The firm provides services like market analysis, transaction advisory, and investment consultancy to help clients navigate these markets. By offering insights, managing sales, and evaluating property values, Knight Frank supports decision-making in both new and resale transactions.
The impact of Shraadh on property registrations is a testament to the significant role cultural practices play in the real estate sector. The timing of Shraadh can directly influence market activity, leading to fluctuations in both primary and secondary property markets. As such, real estate professionals and investors need to be aware of these cultural periods to better plan their activities and strategies.
Frequently Asked Questions
What is the Shraadh period, and how does it affect property registrations?
Shraadh, or Shraddha, is a Hindu ritual to honor deceased ancestors, typically observed during the lunar month of Bhadrapada. People avoid making significant purchases or high-value transactions during this period, fearing bad luck or disrespect to ancestors. This cultural practice can lead to a noticeable decline in property registrations and sales.
What is the primary market in the context of real estate?
The primary market refers to the sale of new properties directly from developers. This market involves the first sale of a property, which has not been previously owned or occupied.
What is the secondary market in the context of real estate?
The secondary market involves the resale of existing properties by current owners. This market includes properties that have been previously owned and are being sold again.
Who is Knight Frank, and what services do they provide?
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. The firm is known for its expertise in property research, market analysis, and strategic consulting.
How does the Shraadh period impact the real estate market in Mumbai?
The Shraadh period can significantly impact the real estate market in Mumbai by discouraging major purchases and transactions. This cultural practice leads to a decline in property registrations and sales, affecting both the primary and secondary markets.
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