representative image Mumbai: Registration of properties in Mumbai Municipal Corporation area increased by 22 per cent to 12,960 units last month due to higher demand during the festive period. knight frank10,607 properties were registered during October 2023.
Citing Maharashtra government data, real estate consultants Knight Frank India It said Mumbai city (area under BMC jurisdiction) witnessed higher registration of properties during October this year due to two major festivals – Dussehra and Diwali.
“The festive period starting from Navratri and Diwali is considered auspicious for property purchases and has played a role in this increase in registrations,” the advisory said.
Additionally, Knight Frank said, the year-on-year increase can be partly attributed to the base effect.
“In October 2023, the first 14 days were affected by the Shraddha period, during which buyers generally avoid large investments, while this year Shraddha ended on October 2, affecting only the first two days of the month,” the advisory said. “Happened.”
In October 2024Residential units accounted for 80 per cent of the total registrations, underscoring the strong housing demand in the city.
“Mumbai embraced the festive season with a significant increase in property registrations, underscoring a strong commitment to high-value investments,” said Shishir Baijal, CMD, Knight Frank India.
He said the 22 per cent increase in registration volume year-on-year is a sign that sentiment towards home ownership remains strong.
“The onset of festivities has again boosted sales momentum due to stable interest rates and strong appetite for premium assets,” Baijal said.
As the festive season progresses, he expressed hope that strong registration volumes are expected to continue supported by favorable market conditions, festive offers on property purchases and stable policy interest rates.
