Festive boost: Property registrations in Mumbai rose 37% YoY to 4,500 in October
Mumbai city reported a significant property registration during the Navratri period, between October 15 and October 23, 2023, as compared to last year. The Mumbai city (area under BMC jurisdiction) registered 4,594 units during the nine days as compared to 3,343 units registered during Navratri last year, which is 37.4 per cent year-on-year (YoY) growth, according to real estate consultancy firm Knight Frank India.
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.
In the first 14 days of October 2023, the city recorded a total of 3,231 registrations. However, in the subsequent 9 days, daily registrations increased by 42 per cent recording 4,594 registrations. The average daily registration rate, which was 231 during the first 14 days of October 2023, witnessed a substantial 121 per cent increase, reaching 510 units.
The total revenue collection saw a 139 per cent increase, with total revenue collection of Rs 435 crore in the 9 days of Navratri compared to the Rs 181 crores collected in the first 14 days of October. Per day revenue collection also exhibited substantial growth, rising from Rs 13 crores per day to Rs 48 crores per day, marking a 272 per cent increase.
"The state exchequer collected a total revenue of Rs 435 crore from property registrations within this nine-day period. Additionally, the daily average registration rate increased from 371 units in the nine days of Navratri 2022 to 510 units in Navratri 2023," Knight Frank said in its report.
Additionally, the daily average registration rate increased from 371 units in the nine days of Navratri 2022 to 510 units in Navratri 2023, the report added.
The surge in registrations was also backed by a positive outlook among homebuyers, influenced by stable interest rates and heightened enthusiasm for moving into larger homes. “The nine days of Navratri saw a significant surge in registrations as the city embraced this auspicious period for high value commitments. Registration volumes are expected to continue on a strong note as the festive season kicks in with the onset of Navratri followed by Dusshera and Diwali in the coming weeks. 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,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.