During the nine-day Navratri festival, Mumbai's property market experienced a significant uptick, with 5,199 registrations, reflecting a 13.2% year-on-year increase. This surge generated Rs 502 crore in revenue, a notable rise from last year. Industry leaders attribute this growth to buyer confidence, strategic investments, and favourable economic conditions, suggesting continued positive momentum in the real estate sector.
Mumbai, India's largest and most expensive property market, has kicked off the festive season with remarkable growth in property registrations during the nine-day Navratri festival. This surge in registrations reflects ongoing buyer interest and a growing confidence in the real estate sector.
From October 3 to 11, the city recorded 5,199 property registrations, marking a 13.2% year-on-year increase compared to Navratri 2023, according to data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra. This festive period also proved beneficial for the state exchequer, generating INR 502 crore in revenue over just 8 working days, compared to around INR 430 crore during the same period last year.
According to Mr. Samyak Jain, Director, Siddha Group, "The 13.2% growth in property registrations is a clear signal of renewed optimism, driven by the alignment of positive sentiment, flexible payment plans, and festive offers." He expects this trend to continue through Diwali and beyond, boosting both demand and liquidity within the sector.
According to Mr. Vedanshu Kedia - Director, Prescon Group, "The robust activity in Mumbai's property market during Navratri highlights a shift in consumer sentiment towards long-term investments in real estate. The data not only reflects pent-up demand but also demonstrates the trust buyers have in the market's future potential. Developers have played a crucial role by offering attractive schemes, and with more such initiatives expected, we anticipate a buoyant real estate market ahead."
According to Knight Frank India, stamp duty revenue saw a significant rise of 15.2% year-on-year, with daily collections reaching INR 56 crore, up from INR 48 crore per day last year. The data further indicates that the daily average of property registrations increased to 578 units, up from 510 units during Navratri 2023, highlighting robust sector activity.
Mr. Prashant Sharma - President, NAREDCO Maharashtra attributes this remarkable growth to the resilience of Mumbai's real estate sector and the buyer confidence that continues to drive market momentum. According to him, "Festive periods, especially Navratri and Diwali, have always held significance for homebuyers, and the data reflects that the demand for both residential and commercial properties is stronger than ever. With strategic policy support and evolving buyer preferences, we are optimistic about sustained growth in the upcoming quarters."
Mr. Rajeev Ranjan - Co-Founder & CEO, The Mentors Real Estate Advisory Pvt Ltd, echoes the same sentiments, stating "The surge in property registrations during Navratri reflects the changing dynamics of the market, where end-users and investors are making strategic investments. Mumbai's property landscape remains attractive due to the combination of infrastructure developments, stable policies, and festive optimism. This festive period's success reaffirms the real estate market's role as a key driver of economic growth."
In conclusion, the strong performance of property registrations during Navratri underscores the resilience and optimism within Mumbai's real estate market. As buyer sentiment remains positive, the sector is poised for further growth, particularly as the festive season continues into Diwali.
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