Mumbai Property Registrations Surge 13% During Navratri 2024
The Maharashtra region saw a significant increase in property registrations during the Navratri festival, contributing Rs 502 crore to the state exchequer. Homebuyers' sentiment shifted positively, driven by stable interest rates and growing demand for pr
Mumbai PropertyNavratriReal EstateProperty RegistrationsMaharashtraReal Estate MaharashtraOct 17, 2024
On average, 578 units were registered daily during Navratri 2024, up from 510 units per day in the same period last year. The daily revenue also witnessed an uptick, rising from Rs 48 crore per day in Navratri 2023 to Rs 56 crore per day in 2024. This trend underscores the robustness of the real estate market in Mumbai, a city known for its dynamic property landscape.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented, 'The festival season has sparked renewed sales momentum, leading to a sharp rise in property registrations. September 2024 saw lower volumes as homebuyers typically avoid making major purchases during the Shraddh period, when buying new things is considered inauspicious. However, Navratri brought a positive shift in sentiment, driven by stable interest rates and a growing demand for premium properties. Revenue collection during Navratri 2024 increased by 15.2%.'
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 due to the Shraddh period, observed between September 18 and October 2, when homebuyers are reluctant to make new purchases. This seasonal dip is a common trend in the real estate market of Mumbai and other parts of Maharashtra.
Baijal expects the registration volumes to remain strong, supported by steady sales, gradually increasing property prices, and stable interest rates as the festive season continues into Diwali. The festive period is traditionally a time of heightened activity in the real estate sector, as buyers take advantage of favorable conditions and auspicious timing.
Knight Frank India, a renowned property consultancy, provides comprehensive insights and market analysis for the real estate sector in India. Their reports and studies are widely recognized for their accuracy and depth, making them a trusted source of information for investors, developers, and homebuyers alike.
Frequently Asked Questions
How many property registrations were recorded in Mumbai during Navratri 2024?
Mumbai recorded 5,199 property registrations during the Navratri period from October 3 to October 11, 2024.
What was the percentage increase in property registrations compared to Navratri 2023?
Property registrations in Mumbai during Navratri 2024 increased by 13.2% compared to the same period in 2023.
How much revenue did the Maharashtra exchequer collect from these property registrations?
The Maharashtra exchequer collected Rs 502 crore from property registrations during Navratri 2024.
What factors contributed to the increase in property registrations during Navratri 2024?
The increase in property registrations during Navratri 2024 was driven by stable interest rates, growing demand for premium properties, and a positive shift in homebuyers' sentiment.
How did the property registration trend change in September 2024 compared to the Navratri period?
In September 2024, property registrations in Mumbai were lower due to the Shraddh period, when buying new things is considered inauspicious. However, the trend shifted positively during Navratri.
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