Mumbai real estate: Residential property sales dip 14.79% in September
A total of 10,693 homes were sold in September last year while this year, the number was limited to 9,111 properties
Mumbai: The sale of residential homes in Mumbai took a beating this September as 14.79% lesser homes were sold during the month compared to September 2023, according to data from the state government’s department of registration and stamps.
A total of 10,693 homes were sold in September last year while this year, the number was limited to 9,111 properties, the data showed.
“Barring the 10 days of Ganesh festival, the entire month was an inauspicious period. The dip in sales was quite understandable as sales are linked with cultural traditions, religious beliefs and festivities,” said Domnic Romell, president, CREDAI-MCHI, an association of developers.
The city was lashed by heavy showers during the initial days of September, which resulted in lesser home hunters stepping out to scout for a dwelling. This was followed by the Ganesh festival, when people usually initiate measures to buy a home, while there are also families who are busy with celebrations and put home buying decisions on hold. The 10-day long festival was followed immediately by the pitru paksha, a 16-day period that is considered inauspicious.
Since the Maharashtra Housing and Area Development Authority’s (MHADA) sale of 2,030 homes through lottery was also held during the month, many preferred to try their luck with the state agency before approaching a private developer.
Meanwhile, data from real estate consultancy Anarock Group showed residential real estate activity across seven top Indian cities declined 11% during the July-September quarter. While around 1,07,060 units were sold during the quarter this year, around 1,20,290 units were sold during the same period last year.
“Among the top seven cities, the Mumbai Metropolitan Region recorded the highest sales of approximately 36,190 units, followed by Pune with around 19,050 units. Cumulatively, the two western cities account for 52% of the total sales across the top seven cities in Q3 2024. All the top cities individually recorded a dip in housing sales as well as supply. Approximately 93,750 units were launched in Q3 2024 against 1,16,220 units in the corresponding period in 2023, a 19% annual fall. Nevertheless, the fact that sales remained higher than launches indicates that the demand-supply equation remains robust.”