According to a Knight Frank India study, “4,594 property units were registered in Mumbai city (areas under BMC authority) during the nine days of Navratri, which spanned from October 15th to October 23rd, 2023. Property registration in the city increased 37.4% year on year (YoY), from 3,343 units registered over the Navratri period the previous year”.
According to the report, “the state exchequer earned Rs 435 crore from property registrations over the nine-day period. Furthermore, the daily average registration rate climbed from 371 units in Navratri 2022 to 510 units in Navratri 2023”.
“The city received 3,231 registrations in the first 14 days of October 2023. However, daily registrations grew by 42% in the following 9 days, totaling 4,594 registrations. The average daily registration rate, which was 231 during the first 14 days of October 2023, increased by 121% to 510 units”, it was reported.
The initial decline in registrations during the first 14 days of the month was attributed mostly to homebuyers’ reluctance to make purchases during the Shraddh season. In contrast, the start of the holiday season had the reverse effect, resulting in an increase in registrations. This was supported by a favourable outlook among homebuyers, motivated by low mortgage rates and an increased desire for larger homes.
Furthermore, the increased number of registrations had a direct impact on revenue collection. Total revenue collections jumped 139%, owing mostly to higher registration volume, with total revenue collections of Rs 435 crore in the nine days of Navratri compared to Rs 181 crore collected in the first 14 days of October. Per-day revenue collection increased significantly as well, jumping from Rs 13 crore per day to Rs 48 crore per day, a stunning 272% rise.
“Registrations increased significantly during the nine days of Navratri as the city embraced this auspicious period for high-value commitments.” While registration volumes remained muted in the first 14 days of October 2023 as homebuyers avoided significant life milestones such as home registrations during the Shraddh period, there was a noticeable upward shift in this trend with the start of the festive season,” 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 prices and a stable policy interest rate would serve as the key catalysts for the housing market for the remainder of this year,” he added.
Since the beginning of the year 2023, the number of real estate applications in Mumbai has increased significantly to 1.01 lakh. According to a Knight Frank India survey, the total number of property applications in Mumbai eventually increased to 37.4% during the Navratri festivities.
4,594 property units were registered under the BMC jurisdiction during the nine-day event, which spanned from October 15 to October 23. The increase was recorded as a year-on-year increase, as there were a total of 3,343 property units registered during the same period as the previous year.
The increased number of registrants in Mumbai directly influenced the increase in tax collection. The total revenue collections were principally driven by higher registration volume, which surged by 139%, with a total revenue collection of 435 crore in the nine days of Navratri. In comparison, 181 crore has been gathered in the first 14 days of October. Per-day revenue collection has additionally contributed significantly to significant development, going from 13 crore per day to 48 crore per day, a stunning 272% rise.