The Mumbai real estate market has reports of 13% increase in property registrations during the time of Navratri 2024.According to the registrations data by the Inspector General of Registration and Controller of Stamps of Maharashtra, the property registrations have increases from 4,594 in 2023 to 5,199 during the nine-day festive period.
As per an analysis by Knight Frank India, shows that the state exchequer has collected Rs. 502 crore during Navratri, 2024, which was a 15% more than the Rs. 436 crore earned from property registrations in Navratri, 2023.
As many of 3,400 units were registered in Mumbai during Ganesh Chaturthi 2024,a 10% drop compared to 3,700 units have been registered during Ganesh festival in 2023 between seven working days from September 19 to September 28 as many as 3,782 properties have been registered. The daily average of registrations in 2023 was at 540 property registrations.
According to the Knight Frank India data, during Ganesh festival in 2024, between September 7 to 17, which had seven working days, 3,405 properties have been registered in Mumbai real estate market which was a drop of almost 10%.
In September 2024, the Mumbai real estate market has registered a total of 9,111 property transactions, a drop from 10,694 transactions registered last year. The drop was on account of the shradh period.
According to Mr.Shishir Baijal, Chairman and Managing Director, Knight Frank India says that, “The festive season sparked renewed sales momentum, leading to a sharp rise in property registrations. September 2024 saw lower volumes as homebuyers typically avoided making major purchases during the Shradh period. However, Navratri brought a shift in sentiment, with stable interest rates and growing demand for premium properties driving the increase’’.
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