Navratri Sparks Mumbai Property Bonanza: Over 12,600 Sales Illuminate Real Estate Market
November 19th, 2023
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Mumbai city (area under BMC jurisdiction) experienced a surge in property registrations as the city recorded property registrations of 12,602 units between Navratri until Bhai Dooj, spanning from October 15th, 2023 to November 15th, 2023, resulting in a 30.0% year-on-year (YoY) growth.
According to a latest assessment by Knight Frank India, this marks an increase from the 9,659 units registered during the same period last year. The state exchequer collected a total revenue of Rs 1,257 Crores (Cr) from property registrations within this period.
This festive season, the daily average registration rate climbed from 322 to 407 units.
According to the global property consultant, the onset of the festive season brought a welcome boost to the property market, as property registrations surged amidst a wave of positivity among homebuyers.
This surge in demand was fueled by a combination of factors, including stable interest rates and a growing desire among homebuyers to upgrade to larger and more spacious homes.
Mumbai’s property registration during the nine days of Navratri, spanning from October 15th to October 23rd, 2023, recorded registrations of 4,594 units resulting in a 37.4% year-on-year (YoY) growth.
Marking an increase from the 3,343 units registered during the Navratri period last year.
The state exchequer collected a total revenue of Rs 435 Crores (Cr) from property registrations within this nine-day period.
The festive season’s positive impact on property registrations also translated into improved revenue collection for the exchequer.
The government collected over 1,152 crores through stamp duty and other associated taxes during this period. This increase in revenue is a welcome boost for the government’s coffers, particularly during a festive season when economic activity tends to be higher.
Shishir Baijal, chairman & MD, 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 the festive season continues, registration volumes are expected to remain robust, fuelled by favourable market conditions, including moderately increasing property prices and stable policy interest rates.”
Source: news18.com
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