As many as 2,494 residential properties—or 356 homes a day—were registered in Mumbai in the first seven days of the Navratri, the nine-day period that began on October 7 this year is considered an auspicious time to make big-ticket purchases.
The daily registrations in September were 260 units and 219 units in the previous month, an analysis by property consultant Knight Frank India has 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,” Knight Frank India Chairman & Managing Director Shishir Baijal said.
The daily sales rate during the period is 63 percent higher than August and 37 percent higher than that of September, the note says.
It was encouraging to see that the daily average of home registrations jumped in the period without the stamp duty incentive support, Baijal said.
The government’s daily revenue collection at Rs 24 crore was 78 percent higher than in August and 37 percent over September, it said.
The October (until 13 October) period daily registrations rate was 17 percent higher than August and a percent lower than September.
There was a slowdown in real estate purchases from September 21 and October 6 due to the shradh period during which Hindus remember their ancestors and many avoid purchases or starting something new.
Also read: 7,500 property deals registered in Mumbai in September 2021; increase almost 11 percent compared to August 2021
The significant but limited period stamp duty cut window that ended on March 31, 2021 was a key catalyst for the city’s residential market.
The closure of this incentive window coincided with the severe second COVID-19 wave, which adversely hit the homebuyer sentiment but the housing market has since picked up again.
With the Reserve Bank of India keeping key low policy rates low and developers sweetening the offers, sales picked up again in July and August.
Upbeat consumer sentiments and support from low interest rates will improve consumer perception of homeownership during the festival season leading up to Diwali.
“…homebuyers 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. The market is expected to remain buoyant for the festive season,” Baijal said.