Registration of properties in the Mumbai municipal region rose 37 per cent to 4,594 units during the auspicious nine days of the Dussehra festival, according to Knight Frank data. Mumbai city (area under BMC jurisdiction) received property registration of 4,594 units during the nine days of Navratri, spanning from October 15 to October 23, resulting in a 37.4 per cent year-on-year growth, real estate consultant Knight Frank said in a statement on Wednesday.
As many as 3,343 units were registered during the Navratri period last year (September 26, 2022 to October 4, 2022). The state exchequer collected a total revenue of Rs 435 crore from property registrations during the nine-day period. The nine days of Navratri saw a significant surge in registrations as the city embraced this auspicious period for high value commitments, Knight Frank CMD Shishir Baijal said.
While registration volumes remained muted in the initial 14 days of October as homebuyers avoid significant life milestones such as home registrations during the Shraddh period, with the commencement of the festive season, there was a noticeable upward shift in this trend, he added.