Festive Sparkle to Mumbai Property Sales

With over 4500 property registrations worth over Rs 435 crore during Navratri, Mumbai realty got a festive boost with 37% YoY growth. 

According to recent data of Knight Frank and Maharashtra government’s Department of registrations, Mumbai city (area under BMC jurisdiction) received property registration of 4,594 units during the nine days of Navratri, spanning from October 15^th to October 23^rd, 2023, resulting in a 37.4% year-on-year (YoY) growth. This marks 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 period. Additionally, the daily average registrations rate increased from 371 units during Navratri 2022 to 510 units in Navratri 2023.

Mumbai Property Sale Registrations in Navratri

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

 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% recording 4,594 registrations. The average daily registration rate, which was 231 during the first 14 days of October 2023, witnessed a substantial 121% increase, reaching 510 units.

The initial drop in registrations during the first 14 days of the month was primarily ascribed to homebuyers’ reluctance to make purchases during the ‘Shraddh’ period. Conversely, the onset of the festive season had the opposite impact, leading to a surge in registrations. This was backed by positive outlook among homebuyers, influenced by stable interest rates and heightened enthusiasm for moving into larger homes.

Moreover, the improvement in revenue collection was directly influenced by the increased number of registrations. Total revenue collections, primarily driven by increased registrations volume, saw a 139% increase, with total revenue collection of Rs 435 crores in the 9 days of Navratri compared to the INR 181 crores collected in the first 14 days of October. Per-day revenue collection also exhibited substantial growth, rising from Rs13 crores per day to Rs 48 crores per day, marking a remarkable 272% increase.

Per Day Registration Trend During Navratri 2023

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

 According to Shishir Baijal, Chairman & Managing Director, Knight Frank India, with the commencement of the festive season, there was a noticeable upward shift in the property registration trend. The numbers make Navratri 2023 better than the same period last year. Registration volumes are expected to continue on a strong note with Diwali. 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.”