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Mumbai's property market soared during Navratri 2023, with 4,594 units registered, reflecting a 37.4% YoY increase. Stable interest rates and festive enthusiasm boosted registrations, leading to a remarkable 272% rise in daily revenue collection

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

<h2>Mumbai's property market soared during Navratri 2023, with 4,594 units registered, reflecting a 37.4% YoY increase.&nbsp;</h2>

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.&nbsp;
The city's real estate sector remains optimistic, with the festive season setting a positive tone for the future of Mumbai's property market. Also Watch: <a href="https://www.editorji.com/business-news/mumbai-property-registrations-set-to-surge-26-in-august-highest-in-10-years-report-1693495390461">Mumbai property registrations set to surge 26% in August, highest in 10 years: Report</a>

DLF sells 1,137 flats in Gurugram for over ₹8,000 crore within 3 days

In a regulatory filing, DLF informed that it has "witnessed record breaking pre-formal launch sales of Rs 8,000-plus crores for its luxury high-rise residences, The Arbour"

Realty major DLF Ltd has sold 1,137 luxury apartments, priced Rs 7 crore and above, in its housing project in Gurugram for over Rs 8,000 crore within 3 days, reflecting a strong demand for premium flats across major cities.
In a regulatory filing, DLF informed that it has "witnessed record breaking pre-formal launch sales of Rs 8,000-plus crores for its luxury high-rise residences, The Arbour".
DLF will build 1,137 4BHK apartments across five towers (38-39 storeys) in this 25-acre project.
The project is located at Golf Course Extension Road, Sector-63 Gurugram.
The project has been fully sold out within three days even before its launch, DLF said.
Aakash Ohri, Group Executive Director and Chief Business Officer, DLF Ltd, said, "Our latest luxury offering, 'The Arbour' has received a phenomenal response even before it was launched." The interest shown by discerning homebuyers in the country and overseas is clearly an endorsement of the highly aspirational DLF lifestyle, he said.
"It is perhaps a new touchstone in the luxury real estate segment. Significantly, over 95 per cent of the buyers are individuals who have bought into The Arbour for their end usage," DLF said.
In January, DLF had said it will launch this project with an estimated sales revenue of around Rs 7,500 crore.
"Demand of real estate across various price points is very strong, especially for products offered by trusted developers," Ohri had said.
DLF -- the country's largest real estate firm in terms of market capitalisation -- achieved a 45 per cent growth in sales bookings to Rs 6,599 crore in April-December period of this fiscal.

Amid a boom in the real estate residential market, a survey finds that women make up a key homebuyer segment with 65% of women preferring to invest in real estate while just 8% favour gold as an investment. 

Gold loses lustre as women prefer investing in real estate, shows survey 

Amid a boom in the real estate residential market, a survey finds that women make up a key homebuyer segment with 65% of women preferring to invest in real estate while just 8% favour gold as an investment.&nbsp;

Women in India are increasingly favouring investing in real estate compared to other avenues. A recent survey by Anarock property consultants found that 65% of women homebuyers prefer to invest in real estate, followed by 20% favouring the stock market. Just 8% of women respondents prefer investing in gold and 7% prefer FDs.
The survey revealed that 77% of women homebuyers buy homes for end-use, while 23% buy for investment. This is a shift from the previous survey, which showed that 82% of women bought homes for end-use, and 18% for investment. The survey also shows that 83% of the women respondents were looking for homes priced above Rs 45 lakh. The sweet spot for 36% of women home seekers is the Rs 45-90 lakh budget range, while 27% prefer premium homes priced between Rs 90 lakh and Rs 1.5 Cr, and 20% prefer luxury homes priced above Rs 1.5 Cr.&nbsp;
There are several benefits that Indian women can avail of while buying real estate. This includes:&nbsp;
<ol>
<li>To avail homes under the government&rsquo;s Pradhan Mantri Awas Yojna (PMAY), homes have to be registered either in a woman&rsquo;s name or with a woman as co-owner.&nbsp;</li>
<li>Lower stamp duty: Stamp duty charges are lower if the property is registered in a woman's name. However, this benefit varies from state to state.&nbsp;</li>
<li>Many banks offer a lower interest rate for home loans to women.&nbsp;</li>
</ol>
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As per a survey by Anarock property consultants, with employees returning to office, rental demand has seen a spike, with prices in the top 7 cities rising upto 23% since 2019. 

Home rental prices on the rise as employees head back to office

As per a survey by Anarock property consultants, with employees returning to office, rental demand has seen a spike, with prices in the top 7 cities rising upto 23% since 2019.&nbsp;

If you're planning to take a house on rent, or even renew your rental agreement, chances are you'll have to shell out more!&nbsp; The residential rental market has seen a big spike in demand and as a result rental prices. As per a survey by Anarock property consultants, with return-to-office, rental demand has seen a spike with prices in the top 7 cities rising upto 23% since 2019.&nbsp;
"As things stand now, rental demand will continue to head northward in 2023. The surge in rentals is driven by resurging demand on the back of most offices re-establishing normal in-office work," says Anuj Puri, Chairman, Anarock.&nbsp;
With both property prices and interest rates on the rise, the overall cost of property acquisition is increasing, and as a result people are deferring their property purchase decisions and choosing to rent instead.&nbsp; As per Anarock's survey, here are are how rental prices have moved in some of the more popular areas:&nbsp;
<ul>
<li>Noida&rsquo;s Sector-150 sees 23% growth in monthly rentals. 1,000 sq. ft. 2 BHK home has gone up from Rs 15,500 per month in 2019 to Rs 19,000 per month in 2022.</li>
<li>Pune&rsquo;s Hinjewadi &amp; Wagholi saw avg. monthly rentals go up by 20% &amp; 21% respectively in this period.</li>
<li>Bengaluru&rsquo;s Whitefield recorded 18% rental growth from Rs 19,000/month in 2019 to INR 22,500/month in 2022.</li>
<li>Top luxury housing markets saw up to 18% growth for homes of over 2,000 sq. ft.; NCR&rsquo;s Golf Course Extension saw rentals rising from Rs 49,000 per month in 2019 to Rs 58,000 per month in 2022.&nbsp;</li>
</ul>
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