Mumbai’s real estate market kicked off the festive season with a bang, registering a significant surge in property registrations during the nine-day Navratri festival. The impressive growth reflects the continued strong demand for properties in the city, despite challenges faced by the sector in recent years.
According to data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra, Mumbai recorded 5,199 property registrations from October 3 to 11, 2024. This represents a substantial 13.2% year-on-year growth compared to Navratri 2023. The surge in registrations not only boosted the property market but also proved lucrative for the state exchequer. In just eight working days, the government collected INR 502 crore in Stamp duty revenue, surpassing the approximately INR 430 crore collected during the same period last year.
Knight Frank India’s analysis further highlights the robust activity in the Mumbai property market. Stamp duty revenue increased by a significant 15.2% year-on-year, with daily collections reaching INR 56 crore compared to INR 48 crore per day last year. Additionally, the daily average property registrations rose to 578 units, up from 510 units in Navratri 2023. The positive trends observed during Navratri 2024 are indicative of a strong and resilient Mumbai property market. Prashant Sharma, President of NAREDCO Maharashtra, commented on the growth, stating, “The remarkable growth in property registrations during Navratri 2024 underscores the resilience of Mumbai’s real estate sector and the buyer confidence that continues to drive market momentum.”
The festive period, especially Navratri and Diwali, has traditionally been auspicious for homebuyers, and the data suggests that the demand for both residential and commercial properties is stronger than ever. With supportive government policies and evolving buyer preferences, the Mumbai property market is poised for continued growth in the coming months.
