Home Sales in Mumbai are a big hit this Navratri, the city sees over 400 apartment registrations a day

We’ve been seeing a lot of home sales in Mumbai these days. In fact, during the Navratri season, this number has been increasing substantially with over 400 apartment registrations coming through every day!

More than 400 homes were registered every day in Mumbai during the Navratri period despite an end to attractive stamp-duty rebates applicable earlier. Record low home loan rates and lucrative deals helped boost sales during this period.

The city registered a total of 3,205 registrations during this short span of time. In the first two weeks of October, real estate registrations in Mumbai totaled 4,052 units, bringing stamp duty revenue to the Maharashtra government of 260 crores. According to Knight Frank, daily registrations for October were 13-17% higher than in August.

The housing market in Mumbai is showing the first signs of recovery. The significant limited period of the reduced stamp duty window, which ended on March 31, was seen as a catalyst for the sale of residential properties in the city. The closure of the window, however, coincided with the second wave of COVID, which affected sales dynamics.

It is encouraging that average daily home registrations are soaring over the festive period and that stamp duty incentives are being supported. If the central bank maintains its stance on low-interest rates and offers are made to developers, the selling price will definitely recover. The cumulative sales in July-August this year are higher than in the months 2018-2019. After decades of subdued festive sales, the break-in this year is one of the best, said the CEO of Knight Frank India.

The festive season has begun with a bang. Homebuyers are taking full advantage of good market conditions, including record low home loans and competitive property prices, says Ankit Aditya Pradhan, Founder & CEO, Realty Assistant.

After Diwali, sales are expected to be robust. Developers are also queuing up to take advantage of the good mood of homebuyers, a factor that is likely to contribute to the sales momentum in Mumbai over the festive period.