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Festive offers boost property registrations in November: Maharashtra IGR data

In the festive season, property registrations in Mumbai rose over 4 percent in November compared to October, but were down by 16 percent in the last six months

Representative image.

Representative image.

In the backdrop of special offers and sales for Diwali and other festivals, Mumbai and its suburbs reported 8,756  property registrations in November, over 4% more than 8,276 in October.

According to data compiled by Knight Frank India from the Maharashtra government’s Department of Registrations and Stamps (IGR), property registrations have dropped by 16% in the past six months.

According to the data, the period from January to November 2022 has recorded a jump in property registrations and revenue collections on a year-on-year (YoY) basis.

In 2022, the period recorded a 10% YoY rise in property registration and a massive 50% YoY rise in government revenue collections, representing the positive market sentiment driving sales, said the Knight Frank report.