Mumbai city recorded a whopping 12,602 units of property registrations during the current festive season from Navratri to Bhai Dooj (between October 15 to November 15, 2023), resulting in a 30 per cent year-on-year growth. On average, 407 properties were registered per day.
According to a press release issued by the real estate consultancy firm Knight Frank, this marks an increase from 9,659 units registered during the same period last year. The state exchequer is reported to have collected a total revenue of Rs 1,257 crore from property registrations within this period.
The onset of the festive season brought a welcome boost to the property market. The surge in property registrations was fueled by stable interest rates and a growing desire among home buyers to upgrade to larger and more spacious homes.
Shishir Baijal, chairman, and managing director, Knight Frank India, said, “Mumbai city embraced the festive period with a remarkable surge in property registrations. As the festive season continues, registration volumes are expected to remain robust, fueled by favorable market conditions, including moderately increasing property prices and stable policy interest rates.”
Mumbai property sale registrations during festive period
Period Registrations (No of Units)
Navratri to Diwali 2022 9659
Navratri to Bhai Dooj 2023 12,602