Mumbai property market opens festive season with registration surge in Navratri
Mumbai city has recorded 5,199 property registrations during this period between October 3 and 11, showing a 13.2% year-on-year growth as against the performance in Navratri 2023, showed data from Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra.
The state exchequer collected a total revenue of Rs 502 crore in just 8 working days from these registrations as against around Rs 430 crore a year ago. Additionally, the daily average property registrations rate increased to 578 units this Navratri from 510 units in last year’s Navratri.
“The festive season sparked renewed sales momentum, leading to a sharp rise in property registrations. September 2024 saw lower volumes as homebuyers typically avoid making major purchases during the Shraddh period. However, Navratri brought a shift in sentiment, with stable interest rates and growing demand for premium properties driving the increase,” said Shishir Baijal, CMD, Knight Frank India.
As the festive season continues into Diwali, he expects the registration volumes to stay strong, supported by steady sales, gradually increasing property prices, and stable interest rates.
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