 "Property registrations in Mumbai 37% higher during Navratri this year")
The number of property registrations in Mumbai city rose 37.4 per cent during Navratri this year, as compared to last year, data released by real estate consultancy Knight Frank showed on Wednesday. This year, the Navratri fell between October 15 and 23. Last year, it was from September 26 and October 4.
This year, 4,594 units were registered during the nine days as compared to 3,343 units last year. Additionally, Maharashtra earned Rs 435 crore from registering these properties this year.
According to the data, as compared to the Shraddh period this year, the daily registrations rose 121.2 per cent in Navratri to 510 units from 231 units last year. This year, Shraddh fell between September 29 and October 14.
The total revenue collections, primarily driven by increased registration volume, saw a 139 per cent increase, with total revenue collection of the Shraddh period being Rs 181 crore. During the same period, the per-day revenue collection also exhibited substantial growth, rising from Rs 13 crore per day to Rs 48 crore per day, marking a 272 per cent increase.
"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," said Shishir Bijal, chairman and managing director of Knight Frank India.
"Registration volumes are expected to continue on a strong note as the festive season kicks in with the onset of Navratri followed by Dusshera and Diwali in the coming weeks. With sales volumes holding strong so far this year, moderately increasing property prices and stable policy interest rate would serve as the key catalysts for the housing market for the remainder of this year."
"Festive times always lead to a positive consumer sentiment and coupled with promotional offers by developers, an upswing in demand is generally witnessed. It also signifies that real estate continues to be viewed as a favourable asset class. The ongoing infrastructural projects across Mumbai which will boost connectivity multi-fold, have made the market even more bullish," Lucy Roychoudhury, head of sales and marketing at Runwal Group.