Mumbai property: Festive season sparks surge in registrations, 4,594 units registered during Navratri

financialexpress.com:

As many as 4,594 property units were registered during the nine days of Navratri, spanning from October 15^th to October 23^rd, 2023, in Mumbai city (areas under BMC jurisdiction), according to a report by Knight Frank India. Property registration in the city witnessed 37.4% year-on-year (YoY) growth, marking an increase from 3,343 units registered during the Navratri period last year. 

According to the report, the state exchequer collected a total revenue of Rs 435 crore from property registrations within this nine-day period. Additionally, the daily average registration rate increased from 371 units in the nine days of Navratri 2022 to 510 units in Navratri 2023.

In the first 14 days of October 2023, the city recorded a total of 3,231 registrations. However, in the subsequent 9 days, daily registrations increased by 42% recording 4,594 registrations. The average daily registration rate, which was 231 during the first 14 days of October 2023, witnessed a substantial 121% increase, reaching 510 units.

The initial drop in registrations during the first 14 days of the month was primarily ascribed to homebuyers’ hesitance to make purchases during the Shraddh period. Conversely, the onset of the festive season had the opposite impact, leading to a surge in registrations. This was backed by a positive outlook among homebuyers, influenced by stable interest rates and heightened enthusiasm for moving into larger homes.

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Moreover, the improvement in revenue collection was directly influenced by the increased number of registrations. Total revenue collections, primarily driven by increased registration volume, saw a 139% increase, with total revenue