Mumbai's Property Market Thrives: Navratri Registrations Surge 20%, Revenue Hits New High
Mumbai's housing market has experienced a notable surge in property registrations during the recent Navratri festival, leading to a substantial increase in revenue collections for the Maharashtra government. According to data analyzed by global property consultancy firm Knight Frank, the number of property registrations during Navratri rose to 6,238, marking a 20% increase from 5,199 in 2024. Additionally, the average daily registrations increased to 624 per day this year, compared to 578 per day last year.
Revenue from property registrations during Navratri also saw a significant boost, rising to Rs 587 crore, a 17% increase from Rs 502 crore last year. The average daily revenue collection increased to Rs 59 crore, up from Rs 56 crore in 2024. Shishir Baijal, Chairman & Managing Director of Knight Frank India, commented, “Mumbai’s housing market has once again proven its strength, with 6,238 properties registered during Navratri 2025, a 20% year-on-year growth and the highest festive performance in recent years. This surge, supported by stable interest rates, improving affordability, and recent GST simplifications, reflects the sustained confidence of homebuyers. The robust revenue collections of Rs 587 crore further affirm that buyer sentiment remains firmly positive, establishing a strong foundation for continued momentum in the residential market.”
September 2025 was particularly noteworthy, with 12,070 registrations, making it the best September in a decade. The report highlighted that the early end of the Shraddh period (September 7–21) and the timing of Navratri (September 22–October 1) concentrated buyer activity within the month. Even during the traditionally quieter Shraddh period, registrations increased to 3,368 from 3,216 in 2024, with revenue rising to Rs 265 crore, a 21% increase from Rs 219 crore in 2024.
The report identified three key drivers behind the market's momentum. First, stable interest rates have prevented immediate mortgage shock and kept monthly EMIs manageable. Second, improving affordability has encouraged more buyers to make purchase decisions, with wage and income trends keeping debt servicing in check for many segments. Third, a growing appetite for premium properties has shifted the mix upward, increasing average ticket sizes and boosting revenue even when unit growth is moderate. Recent GST simplifications have also played a crucial role by easing transactional frictions for both buyers and developers.
Overall, the robust performance during Navratri and September 2025 indicates a strong and resilient housing market in Mumbai, with positive sentiments and favorable conditions driving continued growth.
