Registration of homes in Mumbai city rises during Navratri festival; daily avg 356 units during Oct 7-13

The registration of housing properties in Mumbai's municipal region increased during October 7-13, the first seven days of Navratri festival,

At nearly 2,500 units, according to Knight Frank.

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Property consultant Knight Frank India said that Mumbai city (MCGM region) recorded property registrations of 2,494 units or daily 356 units during the first 7 days of the auspicious Navratri festival.

The daily registrations rate in previous months of August and September was 219 units and 260 units, respectively, it added.

Shishir Baijal, Chairman and 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 residential market continues its aggressive move forward during the auspicious period of Navratri, he added.

"It is encouraging to see that 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," Baijal said.

The market is expected to remain buoyant for the festive season, he added.

In Mumbai's primary housing market, Macrotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji, Piramal Realty, Mahindra Lifespace Developers,

Rustomjee group and K Raheja group are major players.

"Kalpataru is launching several new projects across markets this festive season. These launches will come with several special offers including bank subventions, flexible payment plans and attractive launch prices," the company said.

Ram Raheja, Director and Head-Director & Design at S Raheja Realty, said: "The recent housing sales and launch data are in tandem with expectations and showcasing an upward trend. Mumbai has performed exceptionally well with more fence-sitters taking the plunge and existing buyers seeking larger spaces."

Recently, industry body Credai MCHI in association with data analytics firm CRE Matrix released a report titled 'MMR Housing Report 2021' and highlighted that the current calendar year could be the best in the last five years.

According to the report, housing sales in the MMR stood at 1,71,165 units, valuing Rs 1,33,015 crore till the month of August this calendar year. Housing sales stood at 64,101 units, valuing Rs 41,353 crore during January-August last year.