Mumbai’s home sales experienced a significant decline in September, largely attributed to the Shradh period, traditionally viewed as inauspicious for purchasing new properties.
As of 5:30 PM on September 30, a total of 9,012 home registrations were recorded in the city, generating a revenue of ₹872 crore. This marks the lowest number of registrations for the month since the beginning of the financial year.
In comparison, September 2023 saw 10,693 registrations and revenue of ₹1,126 crore. The Shradh period last year began on September 29, while this year it commenced on September 19, impacting buyer sentiment.
For context, earlier this year, registration figures were markedly higher: April recorded 11,648 registrations with a revenue of ₹1,057 crore; May saw 12,000 registrations and ₹1,034 crore in revenue; June had 11,673 registrations generating ₹1,013 crore; July reported 12,373 homes registered and ₹1,064 crore in revenue; and August concluded with 11,631 registrations and revenue of ₹1,061 crore.
The substantial drop in September’s sales highlights the influence of cultural beliefs on the real estate market, as buyers often refrain from making significant purchases during the Shradh period.
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