Significant Boost To Property Sales In Mumbai

The festive season brought a significant boost to property sales in Mumbai, with a 30% increase in registrations between Navratri and Diwali compared to the previous year. According to data from real estate consultancy Knight Frank, Mumbai recorded 12,602 registrations between October 15 and November 15 this year, compared to 9,659 units in the same period last year. This surge in property sales resulted in the state exchequer collecting a total revenue of Rs 1,257 crore from property registrations during this period.

Several factors contributed to the rise in sales. In addition to the traditional festive season boom, stable interest rates and homebuyers' increasing desire to upgrade to larger and more spacious homes played a significant role. Knight Frank highlighted the commitment to high-value investments and the upward trend observed during the festive season. Shishir Baijal, chairman and managing director at Knight Frank India, emphasized the remarkable surge in property registrations in Mumbai during this auspicious period

Earlier, Mumbai reported a 37.4% increase in property registrations during the nine days of Navratri from October 15 to 23. This year, 4,594 units were registered, compared to 3,343 units in the same period last year. Looking ahead, the demand for property in Mumbai is expected to remain strong. With favorable market conditions, including moderately increasing property prices and stable policy interest rates, registration volumes are anticipated to remain robust throughout the ongoing festive season.

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