Mumbai: The Navrati this year brought a 13.2 per cent increase in property registration in the Mumbai region, according to a report by property consultant Knight Frank India.
During the nine-day Navratri period from October 3 to October 11, the area which comes under the jurisdiction of Brihanmumbai Municipal Corporation (BMC) reported 5,199 property registrations which were 4,594 units in the last year’s Navratri. The revenue generated from stamp duty also rose by 15 per cent, compared to that of last year.
Moreover, there was registration of 578 units on average compared to 510 units in the same period last year. Apart from this the daily revenue was Rs 56 crore per day in this year’s Navratri which was Rs 48 crore per day in Navratri 2023.
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Rate dipped last month due to ‘Shraddh’ period
“There was a sharp rise in property registrations in festival season which increased sales momentum. Last month, in September 2024 there were lower housing sale due to ‘Shraddh’ period in which investors generally avoid making major investments. This however changed positively as the investors demanded for premium properties due to stable interest rates. An increase of 15.2 per cent revenue collection was recorded during Navratri 2024,” said Shishri Baijal, chairman and managing director, Knight Frank India.
Registration on September, 2024
As per the information provided in the report, 9,111 property transactions were registered in the city in September 2024, which is 304 units per day. This is due the ‘Shraddh’ period from September 17 to October 2, during which the investors are reluctant to make bigger investments as it is not considered auspicious.
Registration expected to remain high ahead of Diwali
Shishri Baijal sated that he expects that the registration numbers will remain good and the sales will be steady. The property prices will increase gradually while the interest rates will remain stable ahead of Diwali. In Mumbai the festival season starts from the commencement of Ganesh festival which ends with Diwali. This year Ganesh Chaturthi was observed from September 6 to September 17.
