Over 4,500 properties registered in Mumbai during Navratri festival this year: Report

  • Mumbai records 37.4% YoY growth in property registration during Navratri.

Livemint
First Published25 Oct 2023, 02:59 PM IST
Mumbai: In the first 14 days of October 2023, the city recorded a total of 3,231 registrations
Mumbai: In the first 14 days of October 2023, the city recorded a total of 3,231 registrations

Mumbai sees a surge in property registration during the Navratri festival. According to a report by Knight Frank, Mumbai received property registration of 4,594 units during the nine days of Navratri (15-23 October). India's financial capital saw 37.4% (YoY) growth in property registration.

Last year, 3,343 units were registered during the Navratri.

According to Knight Frank, the state exchequer collected a total revenue of 435 crore from property registrations within these nine days.

"The daily average registration rate increased from 371 units in the nine days of Navratri 2022 to 510 units in Navratri 2023," the report said.

Also read: India's housing market shows significant gain in global ranking

In the first 14 days of October 2023, the city recorded a total of 3,231 registrations. However, in the subsequent nine days, daily registrations increased by 42% recording 4,594 registrations.

The initial drop in registrations during the first 14 days of the month was primarily ascribed to homebuyers' hesitance to make purchases during the Shraddh period, the report added.

Besides, the total revenue collections saw a 139% increase compared to the 181 crores collected in the first 14 days of October.

“The nine days of 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 2023 as homebuyers avoid 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," Shishir Baijal, Chairman and Managing Director, Knight Frank India said.

Also read: Hyderabad residential property registrations rise by 30% YoY in September 2023: Knight Frank India Report

Baijal expects increase in property registartion volumes becuase of Diwali festival.

"With sales volumes holding strong 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," he added.

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First Published:25 Oct 2023, 02:59 PM IST
HomeIndustryOver 4,500 properties registered in Mumbai during Navratri festival this year: Report

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