Mumbai Real Estate Booms During Navratri 2024 - 13.2% YoY Growth in Registrations

Mumbai, India’s largest and most expensive real estate market, has kicked off the 2024 festive season with impressive growth in property registrations during the Navratri period. Data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra, reveals that between October 3 and 11, the city recorded 5,199 property registrations, marking a significant 13.2% year-on-year increase compared to Navratri 2023.

This surge highlights the sustained interest of homebuyers and confidence in the city’s property sector.

Key Property Registration Figures:

• Property Registrations: 5,199 units (October 3-11, 2024)
• Year-on-Year Growth: 13.2% increase compared to Navratri 2023
• Average Daily Registrations: 578 units (Navratri 2024) vs. 510 units (Navratri 2023)

Revenue Collection Sees a Sharp Rise

Alongside the increase in property registrations, the state exchequer has experienced a notable rise in stamp duty collections. During the eight working days of Navratri, total revenue amounted to ₹502 crore, up from ₹430 crore in 2023, reflecting a 15.2% growth. The daily average revenue also jumped from ₹48 crore to ₹56 crore.

Stable Interest Rates & Premium Demand Driving Sales

Market experts attribute this growth to a shift in sentiment post the Shraddh period (September 18 to October 2, 2024), which traditionally sees a slowdown in property transactions. With stable interest rates and increased demand for premium properties, the market picked up significant momentum during Navratri. The positive outlook is expected to continue through the Diwali season, with strong sales and gradually rising property prices.

September 2024: A Decline Due to Shraddh Period

In September 2024, Mumbai registered 9,111 property transactions, averaging 304 units daily. The drop in sales was largely due to the inauspicious Shraddh period.

However, despite this dip, market activity remained steady, with 3,216 property registrations during Shraddh, reflecting a 5% increase in the daily average to 292 units compared to 279 units in 2023.

• Shraddh Period Registrations: 3,216 units
• Daily Average Increase: From 279 to 292 units (+5%)
• Revenue Growth: ₹219 crore in 2024, up from ₹191 crore in 2023 (+14%)
• Daily Revenue Growth: From ₹16 crore to ₹20 crore (+25%)

Resilient Market Activity

The resilience of Mumbai’s property market, even during typically slower periods, is evident in the continued rise in both property registrations and revenue collection. Navratri 2024 has set a positive tone for the rest of the festive season, signaling further growth for the remainder of the year, with the potential for record-breaking sales and government revenue collections.