Mumbai's Property Registrations Plunge 14% in September 2024
Knight Frank, a renowned global real estate consultancy, reports a significant drop in property registrations in Mumbai during September 2024, influenced by the cultural significance of the Shraadh period.
Property RegistrationsReal EstateKnight FrankShraadhMumbaiReal Estate MumbaiOct 07, 2024
Shraadh, or Shraddha, is a significant Hindu ritual observed during the lunar month of Bhadrapada, particularly in the period known as Pitru Paksha. This ritual involves honoring deceased ancestors and expressing gratitude and respect for them. During Shraadh, families come together to perform rituals, offer food, and make donations. The cultural belief that significant purchases or high-value transactions during this period might bring bad luck or disrespect to ancestors often leads to a noticeable decline in various market activities, including property registrations and sales.
Knight Frank, founded in 1896, is a global real estate consultancy firm with a presence in over 50 countries. The firm specializes in both commercial and residential property sectors, offering a wide range of services including sales, leasing, property management, and investment advisory. Knight Frank is renowned for its expertise in property research, market analysis, and strategic consulting, serving a diverse clientele of investors, developers, and corporate occupiers.
The primary market, which involves the sale of new properties directly from developers, and the secondary market, which deals with the resale of existing properties by current owners, are both key areas of focus for Knight Frank. The firm provides comprehensive services such as market analysis, transaction advisory, and investment consultancy in both sectors, helping clients navigate the complexities of the real estate market.
The impact of Shraadh on property registrations is evident in the recent data. During the 12-day period in September, many potential buyers chose to hold off on major transactions, leading to a significant drop in registrations. This cultural practice not only affects the primary market but also has a notable impact on the secondary market, where the resale of existing properties is a common activity.
In summary, the 14% year-on-year decline in property registrations in Mumbai in September 2024 can be largely attributed to the cultural significance of the Shraadh period. Real estate consultancy firms like Knight Frank continue to monitor such trends to provide valuable insights and support to their clients in making informed decisions in the ever-evolving real estate market.
Frequently Asked Questions
What is the Shraadh period, and how does it affect property registrations?
Shraadh, or Shraddha, is a Hindu ritual observed during the lunar month of Bhadrapada to honor deceased ancestors. During this period, many people avoid making significant purchases or high-value transactions, including property registrations, to avoid bringing bad luck or disrespect to their ancestors.
How many property units were registered in Mumbai in September 2024 compared to the same period last year?
Property registrations in Mumbai dropped from 10,694 units in September 2023 to just over 9,100 units in September 2024, a decline of 14%.
What services does Knight Frank offer in the real estate sector?
Knight Frank offers a wide range of services including sales, leasing, property management, and investment advisory. They are known for their expertise in property research, market analysis, and strategic consulting, serving clients such as investors, developers, and corporate occupiers.
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. Both markets are crucial for real estate consultancy firms like Knight Frank, which provide comprehensive services in both sectors.
How does the Shraadh period influence the real estate market in Mumbai?
The Shraadh period, which spans 12 days, can significantly impact the real estate market in Mumbai. During this period, many potential buyers avoid major transactions, leading to a noticeable decline in property registrations and sales.
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