Navratri festival of 2024, has seen the Mumbai property markets registering record growth.

The highest and one of the most expensive real estate market in India, Mumbai made an impressive start to festive season registering a huge spike in buyer interest pickups; showing robust confidence shown by buyers.

Between October 3 and October 11, a total of 5,199 property registrations were recorded in the city which is up by a good Honourable on an annual basis as Paytm registration comparison was done during Navratri days for both time periods iffy traces only uptil now. The reversal is even more significant when you consider overall real estate sentiment has been on the mend too. Meanwhile, the festive season has also been as good for Karnataka's coffers with a bumper Rs 502 crore revenue being generated in just eight working days over October and November compared to about Rs430 crores last year during the same period.

Stamp duty income too soared by 15.2% annually with daily collections at Rs56 crore, more than last year when it was around Rs48cr a day,”Knight Frank India said. Meanwhile, the daily average property registrations improved to 578 units compared with navratri 2023 on buoyant realty run

Industry Leader Perspective

This is good news for the real estate community, and they seem to be responding as such. What industry captains have to say about such robust activity witnessed during Navratr.

Mr. Prashant Sharma- President, NAREDCO Maharashtra said “The outstanding property registrations in Navratri 2024 point to the unstoppable Mumbai real estate sector and ongoing strength of buyer sentiment that is powering the market ahead". Homebuyers have traditionally considered specific festive periods, in particular Navratri and Diwali for obvious reasons and this data clearly mirrors the continued demand across both residential as well as commercial properties. We are hopeful for further growth in the upcoming quarters with strategic policy support and ever-changing buyer behaviour.

Commenting on these trends, Rajeev Ranjan, Co-founder & CEO – The Mentors Real Estate Advisory said "Rise in property registrations during Navratri indicates about the market dynamics changing with strategic decisions being made by end-users and investors. Further, in the backdrop of continued improvement on infrastructure sector (i.e., Metro construction and Coastal roads project) developed by government as well as supported investment heavy road projects like Nagpur-Mumbai Samruddhi expressway over next few years continues to provide comfort for policies stability while prevailing good festive season driving optimism among many buyers which are positive signs going forward. The success of this period only reiterates the significance and importance played by in driving economic growth which reflects significantly on higher tickets size properties invested globally.

Commenting on the same Yash Ritesh Mutha, Chief Strategist of Sales at Nandivardhan Group stated that “The astounding numbers for this elimination drive during Navratri highlights Mumbai’s good market fundamentals and an ever-increasing urge amongst buyers to do investments time bound. The growth in both property registrations and stamp duty revenue simultaneously, echo the changing requirements of homebuyers of today who look for investments that offer value. This healthy growth rate prompts developers to create even more, allowing the trend to carry on well into the holiday season and beyond.

Commenting on the release, Mr Vedanshu Kedia, Director of Prescon Group says “The heightened Mumbai property market activity during Navratri endorses a change in consumer sentiment towards real estate as an ideal long-term investment. It indicates not only buyers' pent-up demand but also confidence in the market's future. Developers have been a key as they offer some lucrative schemes and with more in the offing, we expect robust market conditions hereon.

On the other hand, Samyak Jain -Director of Siddha Group said: “Mumbai's real estate market has showcased terrific resilience this festive season with economic conditions working in favour of homebuyers and developer driven offers making it ripe time for people to buy homes. The 13.2% rise in property registrations is a sign of renewed confidence fuelled by positive sentiment, easy payment terms and attractive festive discounts The demand will only continue with Diwali and thereon which surely would infuse high levels of liquidity in the sector.

Conclusion

The post-Brexit Navratri of 2024 in Mumbai property market presented outstanding growth trends and established by the same token, that its flame is alive for eons to come. With increasing buyer confidence, industry experts hope for consistent growth, especially with the market gearing up towards Diwali season. This sets the tone for how both developers and buyers are well placed to gain from Mumbai starting its journey towards a more conducive real estate market.