There has been a significant increase in real estate registrations in Mumbai since the beginning of 2023, with the number reaching 1.01 lakh. During the nine-day-long Navratri festivities, the number of property registrations in Mumbai city rose up to 37.4%. According to a report by Knight Frank India, 4,594 property units were registered under the BMC jurisdiction during this period. This marks a year-on-year growth as there were 3,343 property units registered during the same duration in the previous year. According to the details of the report, the state’s finances have collected a total revenue of ₹ 435 crore from the property registrations within the span of nine days. Additionally, the daily average registration rate has also increased from 371 units to 510 units. In the first 14 days of October, Mumbai had recorded a total of 3,231 registrations. However, in the next nine days, the daily registrations increased by 42%, taking the total to 4,594.
Meanwhile, the average daily registration rate which was 231 during the first 14 days of the month also witnessed a significant 121% increase. The report also mentioned that the pace of the property registrations was slow in the first 14 days of October as the home buyers were showing hesitance during the days of Shraddh. However, following the beginning of the festive season, the impact was reversed and led to a major surge in registrations.
Shishir Baijal, Chairman and Managing Director at Knight Frank India, said, “The nine days of Navratri saw a significant surge in registrations as the city embraced this auspicious period for high-value commitments. While registration volumes remained muted in the initial 14 days of October 2023 as homebuyers avoid significant life milestones such as home registrations during the Shraddh period, with the commencement of the festive season, there was a noticeable upward shift in this trend".
“The numbers make Navratri 2023 better than the same period last year. Registration volumes are expected to continue on a strong note as the festive season kicks in with the onset of Navratri followed by Dussehra and Diwali in the coming weeks. With sales volumes holding strong so far this year, moderately increasing property prices and stable policy interest rates would serve as the key catalysts for the housing market for the remainder of this year,” he added.
The increase in the revenue collection was directly influenced by the increasing number of registrations in Mumbai. The total revenue collections have primarily been driven by increased registration volume which saw a 139% increase, with a total revenue collection of 435 crore in the 9 days of Navratri. When it is compared to the 181 crore collected in the first 14 days of October. Per-day revenue collection has also contributed to substantial growth, rising from ₹ 13 crore per day to ₹ 48 crore per day, marking a remarkable 272% increase.
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