Mumbai Registers Over 12,600 Properties Since Navratri
Mumbai city (area under BMC jurisdiction) experienced a surge in property registrations as the city recorded property registrations of 12,602 units between Navratri until Bhai Dooj, spanning from October 15th, 2023, to November 15th, 2023, resulting in a 30.0% year-on-year (YoY) growth. This marks an increase from the 9,659 units registered during the same period last year. The state exchequer collected a total revenue of INR 1,257 Crores (Cr) from property registrations within this period. This festive season, the daily average registration rate climbed from 322 to 407 units. The onset of the festive season brought a welcome boost to the property market, as property registrations surged amidst a wave of positivity among homebuyers. This surge in demand was fueled by a combination of factors, including stable interest rates and a growing desire among homebuyers to upgrade to larger and more spacious homes. Mumbai’s property registration during the nine days of Navratri, spanning from October 15th to October 23rd, 2023, recorded registrations of 4,594 units resulting in a 37.4% year-on-year (YoY) growth. Marking an increase from the 3,343 units registered during the Navratri period last year. The state exchequer collected a total revenue of INR 435 Crores (Cr) from property registrations within this nine-day period. The festive season's positive impact on property registrations also translated into improved revenue collection for the exchequer. The government collected over 1,152 crores through stamp duty and other associated taxes during this period. This increase in revenue is a welcome boost for the government's coffers, particularly during a festive season when economic activity tends to be higher.
Tags : property registrations Navratri homebuyers government's coffers