Mumbai property registration up 22% annually in Oct to 12,960 units

Registration of properties in the Mumbai municipal region rose 22 per cent last month to 12,960 units on higher demand during the festival period, according to Knight Frank.

There were 10,607 properties registered during October 2023.

Citing Maharashtra government data, real estate consultant Knight Frank India said the Mumbai city (area under BMC jurisdiction) saw higher registration of properties during October this year on the back of two major festivals -- Dussehra and Diwali.

"The festive period, beginning with Navratri and Diwali, are considered auspicious for property purchases, and played a role in this rise in registrations," the consultant said.

Additionally, Knight Frank said, the surge in year-on-year terms can be partly attributed to the base effect.

"In October 2023, first 14 days were influenced by the Shradh period, during which buyers generally avoid big ticket investments, whereas this year, Shradh ended on October 2nd, impacting only the first two days of the month," the consultant said.

In October 2024, residential units constituted 80 per cent of the total registrations, underscoring strong housing demand in the city.

Knight Frank India CMD Shishir Baijal said, "Mumbai embraced the festive season with a remarkable surge in property registrations, underscoring a strong commitment to high-value investments."  A rise in volume of registration by 22 per cent year-on-year is a sign that the sentiments towards home ownership continues to remain strong, he said.

"The onset of festivities has reignited sales momentum, fuelled by stable interest rates and a strong appetite for premium properties," Baijal said.

As the festive season progresses, he hoped that robust registration volumes are expected to continue, supported by favourable market conditions, festive offers on property purchase and stable policy interest rates.