Mumbai’s Property Market registers strong growth during Navratri 2024, signals festive optimism

Mumbai, India’s most expensive and largest property market, marked the beginning of the festive season with impressive growth in property registrations during the nine-day Navratri festival. The surge in registrations reflects the continued buyer interest and highlights growing confidence in the real estate sector.

From October 3 to 11, the city recorded 5,199 property registrations, representing a 13.2% year-on-year growth compared to Navratri 2023, according to data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra. The festive period also proved lucrative for the state exchequer as Rs 502 crore in revenue was collected in just 8 working days, compared to approximately Rs 430 crore during the same period last year.

As per Knight Frank India, Stamp duty revenue showed a significant rise of 15.2% year-on-year, with daily collections reaching Rs 56 crore, compared to Rs 48 crore per day last year. The data further reveals that the daily average property registrations increased to 578 units, up from 510 units in Navratri 2023, underlining robust activity in the sector.

Here is what real estate industry leaders have to say on the robust property registrations in Navratri:

Prashant Sharma - President, NAREDCO Maharashtra:
"The remarkable growth in property registrations during Navratri 2024 underscores the resilience of Mumbai’s real estate sector and the buyer confidence that continues to drive market momentum. Festive periods, especially Navratri and Diwali, have always held significance for homebuyers, and the data reflects that the demand for both residential and commercial properties is stronger than ever. With strategic policy support and evolving buyer preferences, we are optimistic about sustained growth in the upcoming quarters."

Rajeev Ranjan - Co-Founder & CEO, The Mentors Real Estate Advisory Pvt Ltd:
"The surge in property registrations during Navratri reflects the changing dynamics of the market, where end-users and investors are making strategic investments. Mumbai’s property landscape remains attractive due to the combination of infrastructure developments, stable policies, and festive optimism. This festive period’s success reaffirms the real estate market's role as a key driver of economic growth."

Yash Ritesh Mutha, Chief Strategist Sales, Nandivardhan Group: "The impressive numbers during this Navratri exemplify Mumbai’s strong market fundamentals and the growing buyer preference for timely investments. The increase in both property registrations and stamp duty revenue mirrors the evolving needs of modern homebuyers seeking value-driven investments. This positive trend encourages developers to innovate further, ensuring the momentum continues throughout the festive season and into the new year."

Vedanshu Kedia - Director, Prescon Group: "The robust activity in Mumbai's property market during Navratri highlights a shift in consumer sentiment towards long-term investments in real estate. The data not only reflects pent-up demand but also demonstrates the trust buyers have in the market’s future potential. Developers have played a crucial role by offering attractive schemes, and with more such initiatives expected, we anticipate a buoyant real estate market ahead."

Samyak Jain, Director, Siddha Group:"Mumbai’s real estate market has shown exemplary strength this festive season, with buyers leveraging favorable economic conditions and developer-led offers. The 13.2% growth in property registrations is a clear signal of renewed optimism, driven by the alignment of positive sentiment, flexible payment plans, and festive offers. We expect this trend to continue through Diwali and beyond, boosting both demand and liquidity within the sector."