Mumbai, India’s most expensive and largest property market, marked the beginning of the festive season with impressive growth in property registrations during the nine-day Navratri festival. The surge in registrations reflects the continued buyer interest and highlights growing confidence in the real estate sector.
From October 3 to 11, the city recorded 5,199 property registrations, representing a 13.2% year-on-year growth compared to Navratri 2023, according to data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra.
The festive period also proved lucrative for the state exchequer as INR 502 crore in revenue was collected in just 8 working days, compared to approximately Rs 430 crore during the same period last year.
As per Knight Frank India, Stamp duty revenue showed a significant rise of 15.2% year-on-year, with daily collections reaching INR 56 crore, compared to INR 48 crore per day last year. The data further reveals that the daily average property registrations increased to 578 units, up from 510 units in Navratri 2023, underlining robust activity in the sector.
Prashant Sharma, President, NAREDCO Maharashtra said: "The remarkable growth in property registrations during Navratri 2024 underscores the resilience of Mumbai’s real estate sector and the buyer confidence that continues to drive market momentum. Festive periods, especially Navratri and Diwali, have always held significance for homebuyers, and the data reflects that the demand for both residential and commercial properties is stronger than ever. With strategic policy support and evolving buyer preferences, we are optimistic about sustained growth in the upcoming quarters."
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