Navratri property registrations cross 5,000 mark in this Indian metro in 2024; check out other key takeaways

Navratri, which translates to ‘nine nights’, is a popular Hindu festival generally considered auspicious to purchase new items. In Mumbai, property registrations during the festival increased 13.2 per cent this year, translating to more than Rs 502 crore in revenue collected by the state exchequer, according to data from property consultant Knight Frank. Total registrations in Mumbai City were recorded at 5,199 during the nine-day period from October 3 to October 11, as against 4,594 units registered in the same festival in 2023.

Here are a few takeaways from the Knight Frank report: 

• Daily registrations: Property registrations averaged 578 units per day in Navratri 2024, a significant improvement over 510 units per day in the corresponding nine days of Navratri 2023. 

Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India Research

• Daily revenue: During the Navratri festival, revenue generated from property registrations averaged Rs 56 crore per day in 2024, as against Rs 48 crore per day in 2023. 

Revenue collection from property registrations during Navaratri in Mumbai

Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India Research

• The Navratri festival, considered auspicious in Hindu tradition, follows the ‘Shradh’ period, a few days typically associated with a fall in monetary transactions across several industries including real estate. 
• According to Knight Frank, there was a decline in registrations in September mainly due to homebuyers' reluctance to make purchases during the Shraddh period, which was observed from September 18 to October 2.
• During this period, 3,216 property registrations were recorded in Mumbai with the daily average rising by 5 per cent from 279 to 292 units on the back of steady market activity.
• Revenue collections also increased, up 14 per cent at Rs 219 crore in 2024. They were significantly higher than registrations of Rs 191 crore recorded in the corresponding period in 2023.
• The average daily revenue jumped 25 per cent from Rs 16 crore to Rs 20 crore, highlighting the resilience of Mumbai’s property market even during typically slower periods.
• The last day of the Navratri period saw the maximum number of registrations this year as well, with 892 registrations amounting to Rs 91 crore in revenue. 

Per day registration trend during Navratri2023 and 2024