Festive spirit sparks Mumbai real estate sales
The Mumbai city (area under BMC jurisdiction) recorded property registrations of 12,602 units between Navratri until Bhai Dooj, spanning from October 15th, 2023, to November 15th, 2023, as against 9,659 units registered during the same period last year, resulting in a 30.0% year-on-year (YoY) growth, according to Knight Frank India.
The state exchequer collected a total revenue of Rs 1,257 crore from property registrations within this period. This festive season, the daily average registration rate climbed from 322 to 407 units.
The onset of the festive season brought a welcome boost to the property market, as property registrations surged amidst a wave of positivity among homebuyers. This surge in demand was fueled by a combination of factors, including stable interest rates and a growing desire among homebuyers to upgrade to larger and more spacious homes.
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Mumbai’s property registration during the nine days of Navratri, spanning from October 15th to October 23rd, 2023, recorded registrations of 4,594 units, resulting in a 37.4% year-on-year (YoY) growth. Marking an increase from the 3,343 units registered during the Navratri period last year. The state exchequer collected a total revenue of Rs 435 crore from property registrations within this nine-day period.
The festive season’s positive impact on property registrations also translated into improved revenue collection for the exchequer. The government collected over Rs 1,152 crore through stamp duty and other associated taxes during this period. This increase in revenue is a welcome boost for the government’s coffers, particularly during a festive season when economic activity tends to be
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