Festive season boosts Mumbai property market, helps record best-ever October
property market, has scaled a new peak by recording the best October performance in terms of registration of real estate deals and revenue collection through stamp duty charges.
The festive period, beginning with Navratri followed by Diwali, are considered auspicious for property purchases, and has played a key role in this rise in registrations apart from the ongoing positive momentum in deal activity.
The country’s commercial capital has registered 12,915 property transactions during the month, up 22% from a year ago, while the exchequer has fetched 44% higher revenue worth Rs 1,201 crore through stamp duty collections, showed data from inspector general of registration, Maharashtra.
“Mumbai embraced the festive season with a remarkable surge in property registrations, underscoring a strong commitment to high-value investments. A rise in registration volume and revenue are signs that the sentiments towards home ownership continue to remain strong. The onset of festivities has reignited sales momentum, fuelled by stable interest rates and a strong appetite for premium properties,” said Shishir Baijal, CMD, Knight Frank India.
The on-year surge is partly due to the base effect, as last October’s first 14 days coincided with the Shradh period, when buyers typically avoid major investments, whereas this year, Shradh ended on October 2, affecting only one day.
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