Navratri 2023 ignites Mumbai property boom: 37.4% surge in registrations

Mumbai's property market witnessed a robust surge in registrations during the festive period of Navratri 2023, with a total of 4,594 property units registered within the city (areas under BMC jurisdiction) from October 15th to October 23rd, according to a report by Knight Frank India. This marked a substantial 37.4% year-on-year growth, showcasing a significant increase from the 3,343 units registered during the same period last year.

The surge in registrations was remarkable after a relatively slow start in the first half of October due to homebuyers' hesitance during the Shraddh period. The positive momentum was attributed to a favourable outlook among homebuyers, buoyed by stable interest rates and an eagerness to invest in larger homes as the festive season commenced.

The impact on revenue was equally notable. The state exchequer collected a total revenue of ₹435 crore from property registrations during the nine-day Navratri period. This uptick in revenue, reflecting a 139% increase compared to the first 14 days of October, was primarily attributed to the increased number of registrations. The per-day revenue collection also grew substantially, soaring from ₹13 crore per day to ₹48 crore per day, indicating a remarkable 272% increase.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, highlighted the significance of this surge. "With the festive season continuing with Dusshera and Diwali in the coming weeks, we anticipate registration volumes to remain robust. Stable policy interest rates and moderately increasing property prices are expected to be the key catalysts for the housing market for the remainder of this year", he said.

The city's real estate sector remains optimistic, with the festive season setting a positive tone for the future of Mumbai's property market.

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