During the Navratri and Diwali 2023 festival season, the Mumbai real estate market had 12,600 property registrations. According to Knight Frank India, a real estate advisory business, the Christmas season of 2023 saw a 30% increase in property registrations compared to 2022.
According to the statistics, Mumbai recorded 12,600 property registrations from October 15 to November 15 to Bhai Dooj 2023. The income earned from property registrations during this time surpassed Rs 1,257 crores, according to the Knight Frank India study.
During the holiday season in 2022, 9,659 property registrations were recorded. According to the data, the daily average registration rate increased from 322 to 407 units.
Why is there such a surge?
The arrival of the holiday season provided a welcome boost to the property market, as registrations increased amid a wave of optimism among homebuyers. According to Knight Frank India, this spike in demand was spurred by a variety of reasons, including stable lending rates and a rising desire among homeowners to move to bigger and more spacious residences.
“Upward trend became particularly evident with the commencement of the festive season, surpassing the previous year’s figures. As the festive season continues, registration volumes are expected to remain robust, fuelled by favourable market conditions, including moderately increasing property prices and stable policy interest rates.” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.
The November rush:
Furthermore, more than 4,800 homes were registered in the Mumbai real estate market in the first ten days of November, ahead of Diwali, which marks the pinnacle of the festival season.
According to statistics from the Maharashtra Inspector General of Registrations and Stamps, this represents slightly more than 40% of the typical monthly registrations in Mumbai. This year, more than 300 homes were registered in the city on average daily, bringing the monthly total to 9,000-10,000.
Mumbai is India’s financial and commercial center, drawing many firms, global organizations, and experts. Because of the city’s limited land supply and high population density, there is a great demand for real estate, which has resulted in higher pricing.
It is situated on a small peninsula, which limits the amount of available area for development. As a consequence, there is fierce rivalry for the little available land, which drives up costs.
It has an extensive infrastructure, amenities, and services, such as transportation networks, educational institutions, healthcare facilities, and entertainment alternatives. These qualities make Mumbai a desirable destination to live and work, driving up demand and real estate prices.