As many as 4,594 property units were registered during the nine days of Navratri, spanning from October 15th to October 23rd, 2023, in Mumbai city (areas under BMC jurisdiction), according to a report by Knight Frank India. Property registration in the city witnessed 37.4% year-on-year (YoY) growth, marking an increase from 3,343 units registered during the Navratri period last year.
According to the report, the state exchequer collected a total revenue of Rs 435 crore from property registrations within this nine-day period. Additionally, the daily average registration rate increased from 371 units in the nine days of Navratri 2022 to 510 units in Navratri 2023.
The initial drop in registrations during the first 14 days of the month was primarily ascribed to homebuyers’ hesitance to make purchases during the Shraddh period. Conversely, the onset of the festive season had the opposite impact, leading to a surge in registrations. This was backed by a positive outlook among homebuyers, influenced by stable interest rates and heightened enthusiasm for moving into larger homes.
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Moreover, the improvement in revenue collection was directly influenced by the increased number of registrations. Total revenue collections, primarily driven by increased registration volume, saw a 139% increase, with total revenue collection of Rs 435 crore in the 9 days of Navratri compared to the Rs 181 crore collected in the first 14 days of October. Per-day revenue collection also exhibited substantial growth, rising from Rs 13 crore per day to Rs 48 crore per day, marking a remarkable 272% increase.
“The nine days of Navratri saw a significant surge in registrations as the city embraced this auspicious period for high value commitments. While Registration volumes remained muted in the initial 14 days of October 2023 as homebuyers avoid significant life milestones such as home registrations during Shraddh period, with the commencement of the festive season, there was a noticeable upward shift in this trend,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
“The numbers make Navratri 2023 better than the same period last year. Registration volumes are expected to continue on a strong note as the festive season kicks in with the onset of Navratri followed by Dusshera and Diwali in the coming weeks. With sales volumes holding strong so far this year, moderately increasing property price and stable policy interest rate would serve as the key catalysts for the housing market for the remainder of this year,” he added.
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