1,441 homes registered in Mumbai during first week of November on strong Diwali demand

Registration of residential properties in Mumbai municipal region stood at 1,441 units during the first week of November on strong demand during Diwali festival, according to Knight Frank India.

The registration data is for properties bought in both primary and secondary (re-sale) market.

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The property consultant said that the city recorded 10-year best property sale registrations of 8,576 units in October 2021, up 8 per cent from the same month last year.

"...At the ongoing registrations rate, November is likely to mark a cumulative 1 lakh units for the year 2021," it said in a statement.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said that the COVID pandemic has fuelled the concept of home ownership.

"The ongoing festivities have complemented the already positive outlook that home buyers had exuded over the past year or so. The same is reflecting on the property registration numbers, wherein we are seeing best levels in consequent months of September and October," he said.

The improved sense on economic environment and the rapid COVID vaccination coverage across the country has lent confidence to homebuyers, Baijal said.

"Hence, even while the government stamp duty incentive has been rolled back, a combination of positive factors like multi decade low home loan interest rate, affordable property prices, and developer offerings on new products and payment flexibility has pushed fence sitters too to take the purchase decision sooner than later," he observed.

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 the major players