Mumbai: Mumbai city has recorded 5,199 property registrations during the nine days of Navratri, from October 3 to 11, 2024, showing a 13.2% year-on-year (YoY) growth compared to 4,594 units registered in Navratri 2023. The state exchequer collected a total revenue of Rs 502 crores from these registrations.
Additionally, the daily average property registrations rate increased from 510 units in the nine days of Navratri 2023 to 578 units in Navratri 2024. Daily revenue also saw a significant boost, rising from Rs 48 crore per day in Navratri 2023 to Rs 56 crore per day in 2024, Knight Frank said.
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 mainly attributed to homebuyers' reluctance to make purchases during the Pitrupaksh, which was observed from September 18 to October 2, 2024.
During the 2024 Pitrupaksh, Mumbai saw 3,216 property registrations with the daily average rising by 5%, from 279 to 292 units, showing steady market activity. Revenue collection also saw strong growth, with a 14% increase to Rs 219 crore in 2024, compared to Rs 191 crore in 2023. The average daily revenue jumped by 25%, from Rs 16 crore to Rs 20 crore. These numbers highlight the resilience of Mumbai’s property market, even during typically slower periods.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “The festive season sparked renewed sales momentum, leading to a sharp rise in property registrations. September 2024 saw lower volumes as homebuyers typically avoided making major purchases during the Pitrupaksh.
Mumbai: Real Estate Sector Welcomes RBI’s Steady 6.5% Repo Rate, Anticipates Boost In Home Sales This Festive Season
However, Navratri brought a shift in sentiment, with stable interest rates and growing demand for premium properties driving the increase. Revenue collection during Navratri 2024 increased by 15.2%. As the festive season continues into Diwali, registration volumes are expected to stay strong, supported by steady sales, gradually increasing property prices, and stable interest rates.