Mumbai property registrations get a festive boost; deals jump 37% during Navratri
festive season has sparked a surge in the property market of Mumbai, the country’s financial capital led by positive sentiment among homebuyers. During the nine days of Navratri spanning from October 15 to 23 witnessed a 37.4% year-on-year growth in registrations at 4,594 property transactions in the city.
The state exchequer collected a total revenue of Rs 435 crores from property registrations during this nine-day period.
Additionally, the daily average registrations rate increased from 371 units in the nine days of Navratri 2022 to 510 units in Navratri 2023, showed data from Knight Frank India.
“Navratri saw a significant surge in registrations as the city embraced this auspicious period for high value commitments. While registration volumes remained muted in the initial 14 days of October as homebuyers avoided significant life milestones such as home registrations during Shraddh period, with the commencement of the festive season, there was a noticeable upward shift in this trend.
The numbers make Navratri 2023 better than the same period last year.
According to him, registration volumes are expected to continue a strong note as the festive season progresses with Diwali in the coming weeks. With sales volumes holding robust so far this year, moderately increasing property price and stable policy interest rate would serve as the key catalysts for the housing market for the remainder of this year.
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,
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