Mumbai city had 5,199 property registrations during the nine days of Navratri, from October 3 to 11, 2024, representing a 13.2% year-on-year (YoY) increase over the 4,594 units registered in Navratri 2023. The state exchequer earned a total of Rs 502 crores from these registrations.
Also, the daily average property registration rate climbed from 510 units during the nine days of Navratri 2023 to 578 units in Navratri 2024. Knight Frank reported that daily revenue increased significantly, from Rs 48 crore per day in Navratri 2023 to Rs 56 crore per day in 2024.
In September 2024, the city had a total of 9,111 property sales, an average of 304 units per day. The drop in registrations this month was primarily due to homeowners’ unwillingness to make purchases during the Pitrupaksh, which occurred from September 18 to October 2, 2024.
During the 2024 Pitrupaksh, Mumbai saw 3,216 property registrations, with the daily average increasing by 5%, from 279 to 292 units, indicating consistent market activity. Revenue collection also increased significantly, rising 14% to Rs 219 crore in 2024 from Rs 191 crore in 2023. The average daily revenue increased by 25%, from Rs 16 to Rs 20 crore. These figures demonstrate the endurance of Mumbai’s property market, even during traditionally quiet seasons.
However, Navratri caused a shift in mindset, with stable interest rates and rising demand for high-end houses driving the surge. The revenue collection during Navratri 2024 grew by 15.2%. As the festival season progresses to Diwali, registration volumes are projected to remain robust, aided by consistent sales, progressively rising property prices, and stable interest rates.
Source: The Free Press Journal
