A Festive Surge: 13% Year-on-Year Growth in Property Registrations

Mumbai, October 17, 2024 – The festive spirit in Mumbai has translated into a significant boost for the real estate market, with 5,199 property registrations recorded in the city under BMC jurisdiction during the nine days of Navratri from October 3 to 11, 2024. This marks a 13.2% increase from the 4,594 registrations during the same period in 2023.

Revenue Boost: INR 502 Crores Collected

The increase in registrations has led to a substantial rise in revenue for the state, with the total collection reaching INR 502 crores over the nine-day period. This reflects a daily revenue growth from INR 48 crores in 2023 to INR 56 crores in 2024.

Daily Averages on the Rise

The daily average of property registrations also saw an uptick, climbing from 510 units in 2023 to 578 units in 2024. This positive trend indicates a growing confidence among homebuyers and a revival in market activity following a slower month due to the Shraddh period.

September Insights: A Temporary Slowdown

In September 2024, Mumbai recorded 9,111 property transactions, averaging 304 registrations per day. The decline during this month was attributed to the Shraddh period, which traditionally discourages major purchases.

Looking Ahead: Strong Market Sentiment

Shishir Baijal, Chairman & Managing Director of Knight Frank India, commented on the renewed sales momentum driven by the festive season. He noted that stable interest rates and a rising demand for premium properties have contributed to this surge. As the festive season progresses into Diwali, registration volumes are anticipated to remain robust, supported by steady sales and increasing property prices.

The 2024 Navratri period has not only invigorated Mumbai’s property market but has also set a positive tone for the months ahead. With the continued interest from buyers and favorable economic conditions, the outlook remains optimistic as the city approaches the festive Diwali season.