Festive Spirit Sparks Mumbai Realty

The Mumbai property market has got a festive booster with over 12600 property registrations done from the onset of the festive season, beginning Navratri.  

Mumbai city (an area under BMC jurisdiction) experienced a surge in property registrations as the city recorded property registrations of 12,602 units between Navratri and Diwali until Bhai Dooj. The period spanning from October 15, 2023, to November 15, 2023, saw a 30.0% year-on-year (YoY) growth. This marks an increase from the 9,659 units registered during the same period last year. The state exchequer collected a total revenue of Rs1,257 Crores from property registrations within this period. During this festive season, the daily average registration rate climbed from 322 to 407 units.

Mumbai property sale registrations during the festive period

Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India Research

Note: Data considered from 26th Sep to 26th Oct for 2022 and 15th Oct to 15th Nov for 2023

The onset of the festive season brought a welcome boost to the property market, as property registrations surged amidst a wave of positivity among homebuyers. This surge in demand was fuelled by a combination of factors, including stable interest rates and a growing desire among homebuyers to upgrade to larger and more spacious homes.

Mumbai’s property registration during the nine days of Navratri, spanning from October 15 to October 23, 2023, recorded registrations of 4,594 units resulting in a 37.4% year-on-year (YoY) growth. It marked an increase from the 3,343 units registered during the Navratri period last year. The state exchequer collected a total revenue of Rs 435 Crores from property registrations within this nine-day period.

The festive season’s positive impact on property registrations also translated into improved revenue collection for the exchequer. The government collected over Rs 1,152 crores through stamp duty and other associated taxes during this period.