 "Festive boom: Mumbai property sales between Navratri and Diwali up 30%")
Led by the festive season, the property registrations between Navratri and Diwali in Mumbai this year jumped 30 per cent compared to last year, according to data released by real estate consultancy Knight Frank on Thursday. Between October 15 and November 15 this year, Mumbai recorded 12,602 registrations as compared to 9,659 units in the same period last year.
The state exchequer collected a total revenue of Rs 1,257 crore from property registrations within this period. Moreover, this year, the daily average registration rate climbed 26 per cent to 407 units from 322 units last year.
Apart from the usual festive season boom, other factors that led to higher sales were stable interest rates and homebuyers' growing desire to upgrade to larger and more spacious homes, according to Knight Frank.
"Mumbai city embraced the auspicious festive period with a remarkable surge in property registrations, reflecting a heightened commitment to high-value investments. This upward trend became particularly evident with the commencement of the festive season, surpassing the previous year's figures," said Shishir Baijal, chairman and managing director at Knight Frank India.
The city had earlier reported a 37.4 per cent jump in property registrations during the Navratri between October 15 and 23. The total units registered this year were 4,594, up from 3,343 units during the nine days last year.
In the upcoming days, the demand for property in Mumbai is expected to stay strong.
"As the festive season continues, registration volumes are expected to remain robust, fuelled by favourable market conditions, including moderately increasing property prices and stable policy interest rates," Baijal said.