Mumbai property registrations grow 13% during Navratri: Knight Frank

The region witnessed 5,199 property registrations during the nine days of Navratri, from 3 to 11 October 2024

Property registrations in Mumbai region during nine-day ‘Navratri’ period shot up by 13.2 per cent year-on-year (Y-o-Y), contributing Rs 502 crore to the state exchequer, a report by property consultancy Knight Frank India said.

The region, under the Brihanmumbai Municipal Corporation (BMC) jurisdiction, saw 5,199 property registrations during the period between October 3 and October 11, compared to 4,594 units registered in Navratri 2023.

Additionally, on an average, 578 units were registered every day in Navratri 2024, up from the rate of 510 units a day in the corresponding period of the last year.

Daily revenue too increased from Rs 48 crore per day in Navratri 2023 to Rs 56 crore per day in Navratri 2024.

Shishir Baijal, chairman and managing director, Knight Frank India, said, “The festival season sparked renewed sales momentum, leading to a sharp rise in property registrations. September 2024 saw lower volumes as homebuyers typically avoided making major purchases during the ‘Shraddh’ period. However, Navratri brought a shift in sentiment, with stable interest rates and growing demand for premium properties driving the increase. Revenue collection during Navratri 2024 increased by 15.2 per cent.”

As per Knight Frank India, in September 2024, the city registered a total of 9,111 property transactions, averaging 304 units per day. The decline in registrations during this month was mainly attributed to homebuyers’ reluctance to make purchases in Shraddh period, when buying a new thing is not considered auspicious. It was observed between September 18 to October 2 2024.

Baijal is expecting the registration volumes to stay strong, supported by steady sales, gradually increasing property prices, and stable interest rates as the festive season continues into Diwali.