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The festival of Navratri has ushered in a remarkable surge in Mumbai's real estate registrations, with the city recording 4,594 property registrations during the nine-day period from October 15th to October 23rd, 2023 according to a report by Knight Frank India.
According to the report, this marks a substantial year-on-year (YoY) growth of 37.4 per cent, compared to the 3,343 units registered during the same Navratri period last year. The state treasury reaped substantial rewards, amassing a total revenue of Rs 435 Crores from property registrations within this nine-day festive span. This period also witnessed a significant increase in the daily average registration rate, jumping from 371 units during Navratri 2022 to 510 units in Navratri 2023. In the first 14 days of October 2023, the city registered a total of 3,231 units. However, in the subsequent nine days of Navratri, daily registrations surged by an impressive 42 per cent, culminating in 4,594 registrations. The average daily registration rate also witnessed a substantial 121 per cent surge, reaching 510 units, in contrast to the initial 231 units recorded during the first two weeks of October 2023. The initial dip in registrations during the first half of October was attributed to homebuyers' hesitance in making significant commitments during the Shraddh period. In contrast, the festive season's arrival had the opposite effect, driving up registrations. This surge was buoyed by a positive outlook among homebuyers, who were influenced by stable interest rates and a heightened desire to move into more spacious residences. The increased number of registrations significantly boosted revenue collection, with the state treasury witnessing a 139 per cent surge in total revenue collection. During the nine days of Navratri, Rs 435 crores were collected compared to INR 181 crores gathered in the first 14 days of October. Per-day revenue collection also exhibited substantial growth, rising from INR 13 crores to INR 48 crores per day, marking an impressive 272 per cent increase. Shishir Baijal, Chairman and Managing Director, Knight Frank India, "The nine days of Navratri saw a significant surge in registrations as the city embraced this auspicious period for high-value commitments. 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. Registration volumes are expected to continue on a strong note as the festive season kicks in with the onset of Navratri followed by Dussehra and Diwali in the coming weeks. With sales volumes holding strong so far this year, moderately increasing property prices and stable policy interest rates would serve as the key catalysts for the housing market for the remainder of this year", he added. The festive season in Mumbai appears to have provided the real estate sector with an invaluable boost, reinforcing the city's resilience and continued growth. (ANI)
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