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Festive season 2024: Property registrations in Mumbai up by 13%, stamp duty revenue increases by 15%
During Navratri 2023 as many as 510 property units were registered on an average compared to 578 units during Navratri 2024
The Mumbai real estate market reported a 13% increase in property registrations during Navratri 2024. Property registrations during the nine-day festive period increased to 5,199 from 4,594 in Navratri 2023, according to property registrations data by the Inspector General of Registration and Controller of Stamps of Maharashtra.
The state exchequer collected ₹502 crore during Navratri 2024 which was 15% more than the ₹436 crore earned from property registrations in Navratri 2023, an analysis by Knight Frank India showed.
According to the data collated by Knight Frank India, a daily average of 510 property units were registered during the nine days of Navratri 2023. This went up to 578 property units during the nine days of Navratri 2024.
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Drop in property registrations during Ganesh Chaturthi 2024
As many as 3,400 units were registered in Mumbai during Ganesh Chaturthi 2024, a 10% drop compared to 3,700 units registered during Ganesh festival 2023, according to Knight Frank’s analysis.
Ganesh festival marks the start of the festive season in Mumbai. During the Ganesh festival 2023, between seven working days from September 19 to September 28, as many as 3,782 properties were registered. The daily average of registrations in 2023 stood at 540 property registrations.
During Ganesh festival 2024, between September 7 to 17, which had seven working days, 3,405 properties were registered in Mumbai real estate market which was a drop of almost 10%, according to the Knight Frank India data.
In September 2024, the Mumbai real estate market registered a total of 9,111 property transactions, a drop from 10,694 transactions registered last year. The drop was on account of the shradh period.
During the 2024 shradh period, Mumbai real estate market reported 3,216 property registrations, with the daily average rising by 5% from 279 to 292 units, indicating steady market activity. These numbers highlight the resilience of Mumbai’s property market, even during a typically slow period, Knight Frank India said in its report.
“The festive season sparked renewed sales momentum, leading to a sharp rise in property registrations. September 2024 saw lower volumes as homebuyers typically avoided making major purchases during the Shradh period. However, Navratri brought a shift in sentiment, with stable interest rates and growing demand for premium properties driving the increase," said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
