In September, Mumbai property registrations fell 14% year-on-year to just over 9,100 units, down from 10,694 the previous year, largely due to the Shraadh period, a time when people avoid major transactions. Knight Frank reported this decline, noting that the culturally significant 12-day Shraadh, which ran from September 29 to October 14 in 2023, often impacts the primary and secondary real estate markets. As a prominent global consultancy, Knight Frank provides market analysis, transaction advisory, and strategic consulting across sectors, helping clients navigate market trends like this seasonal slowdown, common in the real estate sector during Shraadh.
Property registrations in Mumbai dropped by 14% year-on-year in September to just over 9,100 units, compared to 10,694 units in the same period last year, according to Knight Frank. In August 2024, 11,631 units were registered. The decline in September was largely due to the 'Shraadh' period, which spanned 12 days, during which people typically avoid major purchases and transactions.
Shraadh in 2023 was observed from September 29 to October 14. Knight Frank gathered property registration data from Maharashtra's Department of Registrations and Stamps, covering both primary (new sales) and secondary (resale) markets.
Knight Frank is a global real estate consultancy firm founded in 1896. It offers services in commercial and residential property sectors, including sales, leasing, property management, and investment advisory. With a presence in over 50 countries, Knight Frank is known for its expertise in property research, market analysis, and strategic consulting, serving a wide range of clients such as investors, developers, and corporate occupiers.
The primary market refers to the sale of new properties directly from developers, while the secondary market involves the resale of existing properties by current owners. Both markets are key areas of focus for Knight Frank, as the firm provides services like market analysis, transaction advisory, and investment consultancy in both sectors. Knight Frank helps clients navigate these markets by offering insights, managing sales, and evaluating property values to support decision-making in both new and resale transactions.
Shraadh, or Shraddha, is a Hindu ritual performed to honor deceased ancestors, typically observed during the lunar month of Bhadrapada, particularly in the period known as Pitru Paksha. The significance of Shraadh lies in expressing gratitude and respect for ancestors, seeking their blessings, and ensuring their peace in the afterlife. It is a time when families come together to perform rituals, offer food, and make donations.
The relationship between Shraadh and sales or property registrations stems from cultural beliefs that discourage making significant purchases or engaging in high-value transactions during this period. Many individuals avoid buying property, vehicles, or making large investments, fearing that it may bring bad luck or disrespect to their ancestors. This cultural practice can lead to noticeable declines in property registrations and sales during the Shraadh period, as seen in the recent data reported by Knight Frank. The timing of Shraadh can thus directly influence market activity in the real estate sector, affecting both primary and secondary property markets.
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