Mumbai city (area under BMC jurisdiction) received property registration of 4,594 units during the nine days of Navratri, spanning from October 15th to October 23rd, 2023, resulting in a 37.4% year-on-year (YoY) growth. This marks an increase from the 3,343 units registered during the Navratri period last year.
According to a report by Knight Frank India, the state exchequer collected a total revenue of Rs 435 Crores (Cr) from property registrations within this nine-day period. Additionally, the daily average registrations rate increased from 371 units in the nine days of Navratri 2022 to 510 units in Navratri 2023.
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In the first 14 days of October 2023, the city recorded a total of 3,231registrations. However, in the subsequent 9 days, daily registrations increased by 42% recording 4,594 registrations.
The average daily registration rate, which was 231 during the first 14 days of October 2023, witnessed a substantial 121% increase, reaching 510 units.
Slow start
The initial drop in registrations during the first 14 days of the month was primarily ascribed to homebuyers’ hesitance to make purchases during the Shraddh period. Conversely, the onset of the festive season had the opposite impact, leading to a surge in registrations. This was backed by a positive outlook among homebuyers, influenced by stable interest rates and heightened enthusiasm for moving into larger homes.
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Moreover, the improvement in revenue collection was directly influenced by the increased number of registrations. Total revenue collections, primarily driven by increased registrations volume, saw a 139% increase, with total revenue collection of Rs 435 crores in the 9 days of Navratri compared to the Rs 181 crores collected in the first 14 days of October.
Per day revenue collection also exhibited substantial growth, rising from Rs 13 crores per day to Rs 48 crores per day, marking a remarkable 272% increase.
Shishir Baijal, chairman & MD, Knight Frank India, said, “While Registration volumes remained muted in the initial 14 days of October 2023 as homebuyers avoided significant life milestones such as home registrations during Shraddh period, with the commencement of the festive season, there was a noticeable upward shift in this trend. The numbers make Navratri 2023 better than the same period last year.”
Baijal added that 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 price and stable policy interest rate would serve as the key catalysts for the housing market for the remainder of this year,” he added.
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