Mumbai And Thane Adds To Housing Growth Momentum On Akshaya Tritiya

Mumbai And Thane Adds To Housing Growth Momentum On Akshaya Tritiya

The Thane district also saw a significant volume of activity with over 1,000 property bookings, underscoring a broad-based boost in the region’s real estate transactions on this day revered for new beginnings and investment.

Bhalchandra ChorghadeUpdated: Monday, May 13, 2024, 09:42 PM IST
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The share of affordable housing dropped to around 18 per cent from its previous dominant position of 37 per cent in the same period. | Representative Image/ Pexels

The auspicious occasion of Akshaya Tritiya has set new benchmarks in the Mumbai and Thane real estate markets, with Mumbai witnessing a historic high in property registrations. As per reports, the city recorded 1,204 property registrations, generating a substantial Rs 123.89 Crore from stamp duty collections for the state exchequer, marking it as the most successful single day for property registrations in recent months.

In a parallel surge, the Thane district also saw a significant volume of activity with over 1,000 property bookings, underscoring a broad-based boost in the region’s real estate transactions on this day revered for new beginnings and investment.

Akshaya Tritiya Boosts Mumbai Property Registrations

Expressing enthusiasm over the development, President of NAREDCO Maharashtra, Prashant Sharma said, "We are thrilled to witness an exceptional surge in property registrations in Mumbai on the auspicious occasion of Akshaya Tritiya, which significantly exceeded the daily average for May 2024. The remarkable tally of property registrations on this day not only underscores the enduring confidence in Mumbai’s real estate market but also highlights the cultural importance of auspicious days in boosting economic activity. This year, Akshaya Tritiya has not only been a symbol of prosperity and new beginnings for families but also for the real estate sector indicating the robust demand and the positive sentiment among homebuyers."

Mumbai Property Market Booms On Akshaya Tritiya, Reveals Knight Frank Analysis

Adding to the optimism, Chairman & Managing Director of Knight Frank India, Shishir Baijal commented, “Over the past two years, Mumbai’s property market has experienced remarkable growth, with strong demand trends, and days like Akshaya Tritiya often serve as catalysts for further expansion.”

Earlier, Knight Frank had predicted the property registration in Mumbai to soar past 700 units on Akshaya Tritiya. Prior to Akshaya Tritiya, the month of May 2024 had already seen a robust 3,280 units registered, accumulating Rs. 292 Crore in stamp duty for the state, indicating a buoyant market predisposed to the day’s impressive performance. This further illuminates the auspicious celebration’s impact on the real estate market.

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