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The city of Mumbai has reported a remarkable increase in property registrations during the auspicious nine days of Navratri in 2023, according to a recent report by Knight Frank India, a prominent real estate consultancy firm. This surge, spanning from October 15 to October 23, 2023, saw a year-on-year growth of 37.4 percent, marking a substantial rise from the figures of the previous year.
Data from the report indicates that a total of 4,594 property units were registered during this nine-day period, a significant increase from the 3,343 units recorded during Navratri in the preceding year. The state exchequer collected an impressive revenue of Rs 435 crore from property registrations within this period.
What's more, the daily average property registration rate surged from 371 units in the nine days of Navratri 2022 to an impressive 510 units during Navratri 2023.
This boost in property registrations during Navratri is seen as a response to the initial drop in registrations during the first 14 days of October 2023. This drop was primarily attributed to homebuyers' hesitance to make purchases during the Shraddh period, a period considered inauspicious for high-value commitments. However, with the onset of the festive season, there was a notable reversal of this trend, resulting in a surge in property registrations. This change was backed by a positive outlook among homebuyers, driven by stable interest rates and increased enthusiasm for moving into larger homes.
Additionally, the data reveals that the average daily registration rate, which was 231 during the first 14 days of October 2023, witnessed a substantial 121 percent increase, reaching 510 units during the Navratri period.
Meanwhile, according to Maharashtra government data, property registrations in the Mumbai real estate market have surpassed the 1-lakh mark just 10 months into 2023. Since January 2023, over 1.01 lakh property registrations have been reported in Mumbai, highlighting the robustness of the real estate market in the city. In comparison, during the entire calendar year of 2022, 1.22 lakh property registrations were reported in Mumbai. This data reflects the continued strength and growth of the Mumbai property market in 2023.
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