Mumbai’s property market experienced notable growth during the Navratri festival, reflecting increased buyer interest and 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. The period also brought in ₹502 crore in revenue for the state, up from approximately ₹430 crore during the same timeframe last year.
Data from Knight Frank India indicates a 15.2% rise in stamp duty revenue year-on-year, with daily collections reaching ₹56 crore compared to ₹48 crore per day last year. The average daily property registrations increased to 578 units, up from 510 units in Navratri 2023, highlighting robust activity in the sector.
Industry leaders commented on the surge in property registrations:
Prashant Sharma, President of NAREDCO Maharashtra, noted that the growth in registrations reflects the resilience of Mumbai’s real estate sector and buyer confidence. He emphasized the significance of festive periods like Navratri and Diwali for homebuyers, indicating strong demand for both residential and commercial properties.
Rajeev Ranjan, Co-Founder and CEO of The Mentors Real Estate Advisory Pvt Ltd, highlighted the changing market dynamics, where end-users and investors are making strategic investments. He pointed out that Mumbai’s property landscape remains attractive due to infrastructure developments and stable policies.
Yash Ritesh Mutha, Chief Strategist Sales at Nandivardhan Group, remarked on the strong market fundamentals and the preference for timely investments. He noted that the increase in property registrations and stamp duty revenue aligns with modern homebuyers seeking value-driven investments.
Vedanshu Kedia, Director of Prescon Group, stated that the activity during Navratri reflects a shift in consumer sentiment towards long-term investments. He acknowledged the role of developers in offering attractive schemes, predicting a buoyant real estate market ahead.
Samyak Jain, Director of Siddha Group, pointed out that buyers are taking advantage of favorable economic conditions and developer-led offers. He indicated that the 13.2% growth in property registrations signals renewed optimism, anticipating continued demand and liquidity in the sector through Diwali and beyond.
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