Property sales in Mumbai, which have been robust for the past year and a half, experienced a significant slowdown in September. This month, a total of 9,167 properties were sold, reflecting a 19% decrease compared to the same period last year when 10,694 properties were sold.
In August of this year, Mumbai recorded the sale of 11,631 properties. However, September saw a 21 percent drop in sales, with only 9,167 properties sold. This decline has also impacted the government's revenue from stamp duty, which totaled Rs 892 crore in September from property transactions.
Property Sales Expected to RecoverThe recent decline in property sales during September is primarily attributed to Pitru Paksha, a period when many people refrain from making significant purchases, including real estate. Analysts have noted that this cultural observance has negatively impacted sales figures.
However, experts are optimistic that property purchases will pick up momentum again with the approach of Navratri and Diwali. They anticipate a surge in transactions that could set new sales records in the coming days.
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Strong Property Sales Continue in MumbaiIn the nine-month period from January to September this year, Mumbai has witnessed the sale of 1,05,664 properties. This has resulted in the state government receiving a revenue of Rs 8,892 crore, reflecting a 12 percent increase compared to the same period last year. Notably, this revenue growth is 6 percent higher than last year's figures.
For reference, during the same nine-month timeframe last year, approximately 1 lakh properties were sold in Mumbai.
Residential Properties Dominate September SalesIn September, residential properties accounted for 80 percent of the total sales, while commercial properties made up the remaining 20 percent.