30% spike in festive season property registrations enriches state by Rs 1,257 cr

In a remarkable surge, Mumbai witnessed a 30% increase in property registrations during the festive season, from Navratri to Bhai Dooj, recording a total of 12,602 housing units, according to data from Knight Frank India. This surge, equating to an impressive average of 407 units registered per day, has significantly enriched the state exchequer by Rs 1,257 crore.
Despite a slowdown in consumer companies and the impact of rising interest rates, Mumbai’s real estate market has defied the odds. The city, known for having one of the most expensive real estate markets globally, experienced robust growth during the festive period of October 15 to November 15, 2023. This surge, reported by Knight Frank India, indicates a substantial 30% increase compared to the previous year’s festive season.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, noted that Mumbai embraced the auspicious festive period with a notable commitment to high-value investments. The ongoing festive season is anticipated to maintain robust registration volumes, driven by favorable market conditions, including moderate increases in property prices and stable policy interest rates.
The surge in registrations was expected, attributed to a combination of factors such as stable interest rates and a growing preference for more spacious accommodations. Industry experts had been optimistic about the prospects of the real estate sector this year, and the current festive season’s performance aligns with those expectations.
Looking ahead, experts express hope that the overall home sales in 2023 will surpass those of 2022. The festive season holds particular significance for developers, constituting a substantial portion of annual home sales. Despite economic challenges elsewhere, the real estate market in Mumbai seems to be flourishing, driven by a confluence of favorable factors contributing to heightened property registrations and financial gains for the state.