Construction Mirror Article detail

The nine days of Navratri, from October 15 to October 23, 2023, saw 4,594 property registrations in Mumbai city (the region under BMC authority), representing a 37.4% year-over-year (YoY) gain. Comparatively, 3,343 units were registered during the Navratri season the previous year. In these nine days, property registrations brought in a total of Rs 435 crores for the state exchequer. Additionally, during the nine days of Navratri 2022, the daily average registration rate was 371 units; during Navratri 2023, it was 510 units.

3,231 registrations were made in total over the first 14 days of October 2023, according to the city. However, during the course of the next nine days, there were 4,594 more registrations each day, an increase of 42%. The average daily registration rate increased significantly by 121% to 510 units from 231 during the first 14 days of October 2023.

Homebuyers' hesitation to make purchases during the Shraddh period was mostly blamed for the first decline in registrations during the first 14 days of the month. On the other hand, the start of the holiday season had the opposite effect and caused a spike in registrations. This was supported by homebuyers' optimistic attitude, which was impacted by stable mortgage rates and increased enthusiasm for relocating to larger homes.

Additionally, the rise in registrations had a direct impact on the improvement in revenue collection. Total income collection jumped by 139%, from Rs 181 crores in the first 14 days of October to Rs 435 crores in the nine days of Navratri, principally as a result of an increase in registration volume. The amount of revenue collected each day increased significantly as well, from Rs 13 crores to Rs 48 crores per day, a phenomenal 272% rise.

The nine days of Navratri saw a huge increase in registrations as the city embraced this auspicious time for important commitments, according to Shishir Baijal, CMD of Knight Frank India. As homebuyers avoided major life events like home registrations throughout the Shraddh period, registration numbers remained low in the first 14 days of October 2023. However, with the start of the holiday season, there was a discernible upward tendency in this trend. The statistics show that Navratri 2023 will be better than the same time last year. With the beginning of Navratri, followed by Dusshera and Diwali in the coming weeks, registration volumes are anticipated to remain strong. Sales volumes have remained steady so far this year, with mildly rising property values.Sales volumes have been steady so far this year, and the key drivers of the housing market for the balance of the year will be mildly rising property prices and stable policy interest rates.