Homebuying gains momentum amid festivities

November 19th, 2023

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Buying of properties in the festive season witnessed a momentum. Mumbai city recorded registrations of 12,602 units between Navratri and Bhaidooj from October 15 to November 15, resulting in a year-on-year growth of 30 per cent against 9,659 units registered during the same period last year. While the state exchequer collected a total revenue of Rs 1,257 crore from property registrations during this period, the daily average registration rate climbed from 322 to 407 units respectively.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said Mumbai city embraced the auspicious festive period with a remarkable surge in property registrations, reflecting a heightened commitment to high-value investments. This upward trend became particularly evident with the commencement of the festive season, surpassing the previous year’s figures.

As per data available with the department of registration and stamps, a total of 5,935 conveyance deeds and revenue earnings of Rs 438.44 crore were recorded from November 1 till date. Whereas in the previous month in October, a total of 10,607 properties were registered and Rs 835.46 crore revenue was earned through stamp duty fees and registration.

On the surge in property buying in Mumbai, stakeholders said that with increased transparency in the real estate sector, confidence has built up significantly. Hitesh Thakkar, Vice President of NAREDCO West and developer, said, “Due to MahaRERA, property buying and selling have become easier. Earlier giving out possession of property used to take a lot of time; however, with RERA possession and other important details of the project is readily available.”

Homebuyers can make a wise decision. Earlier, investment was made on buying gold jewellery but now buyers are investing in property, he added.

Source: indianexpress.com

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