Mumbai property registrations spike

Mumbai:After record property registrations in September, the month of October has also begun on a positive note with higher daily property registrations during the festive season.
"Mumbai city housing market is on track to record a stellar festive season,” said a report by real estate consultancy firm Knight Frank India.

"The city recorded property registrations of 2,494 units or daily 356 units during the first seven days of the auspicious Navratri festival that began on 7th October 2021. The daily registrations rate in previous months of August and September was 219 units and 260 units respectively," the report said based on data from the state’s Depart-ment of Registrations and Stamps.

The period of Shradh, which fell between September 21 and October 6, saw a slowdown in decision making for high value purchases like real estate in the interim.

Shishir Baijal, chairman & managing director, Knight Frank India, said “After almost half a decade of depressed festival season, this year may break the cycle and be one of the best. The daily average of home registrations has jumped in the festive period without the stamp duty incentive support. This indicates that home buyers are in a rush to take advantage of the current market conditions, including low prices, decadal low home loan interest rate along with the desire to take advantage of some festive offers from developers.

Ram Raheja, director, S Raheja Realty. said, "Mumbai has performed exceptionally well with more fence-sitters taking the plunge and existing buyers seeking larger spaces. Many Indian buyers wait for an auspicious day to sign on the dotted line therefore the festive season has witnessed a spike in sales numbers. The demand has been driven by the need for parking funds in a safe-haven investment and also the increased emphasis on the need for large living spaces with the work and study from home culture that has developed post pandemic."