Mumbai's festive hopes for a home sales surge dashed with steady October figures

The construction sector in Mumbai had high hopes for a significant surge in home sales during the month of October, particularly with the festive seasons of Navratri and Dussehra known for a surge in homebuyer activity. However, the actual sales data for this month tells a different story, as home sales have remained remarkably stable.

With 10,390 houses sold in October, the state government has collected Rs 822 crore in stamp duty from these transactions. Over the past four months, home sales have ranged between 10,200 and 10,900. As a result, even during the festive period, there hasn't been a notable increase in home sales.

Usually, during the monsoon season, there is a slowdown in the construction sector, but from the Navratri festival to the beginning of the new year, there is a significant boost in construction business in the region. Accordingly, there is an enthusiastic atmosphere in the construction sector. However, there was an expectation of a significant increase in home sales during the Navratri festival and Diwali auspicious timings in October. But over the past five months, home sales have remained stable.

According to Loksatta’s report, in October, 10,390 homes were sold, generating revenue of 822 crores. In September, 10,693 homes were sold, generating revenue of 1,126 crores. Even in August, there was no significant improvement in home sales, with 10,902 homes sold, generating revenue of 810 crores. However, home sales remained stable in July and June. In July, 10,221 homes were sold, generating revenue of 830 crores. In June, 9,823 homes were sold, generating revenue of 832 crores. Only in May did home sales see a slight dip, with 9,823 homes sold, generating revenue of 832 crores.

The highest number of home sales this year so far occurred in March. In March, 13,151 homes were sold, generating revenue of 1,225 crores, which was deposited in the government treasury. In February and January, home sales were lower than ten thousand.

In October, 10,390 homes were sold, and while home sales have been stable for the past five months, October's home sales volumes are the highest in more than 10 years. Between 2013 and 2019, home sales ranged from 4,900 to 6,300. Between 2020 and 2022, there were 8,000 to 8,500 home sales. However, this year, more than 10,000 homes were sold in October, the highest number in 10 years. Furthermore, Diwali now falls in November, and an increase in the number of home sales is expected during this period.