Navratri bang: Mumbai sees best season in 5 years with 2,500 housing property registrations during Oct 7-13

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Nearly 2,500 housing properties have been registered in Mumbai’s municipal region increased during October 7-13, the first seven days of Navratri, according to property consultant Knight Frank. It said Mumbai city (MCGM region) recorded property registrations of 2,494 units or daily 356 units during the first seven days of the auspicious Navratri festival. The daily registrations rate in previous months of August and September was 219 units and 260 units, respectively, it added.

Best in 5 years

Shishir Baijal, chairman and managing director, Knight Frank India, 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, he added.

“It is encouraging to see that the daily average of home registrations has jumped in the festive period without the stamp duty incentive support. This indicates that home buyers 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,” Baijal said. The market is expected to remain buoyant for the festive season, he added.

In Mumbai’s primary housing market, Macrotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji, Piramal Realty, Mahindra Lifespace Developers, Rustomjee group and K Raheja group are major players.

According to the report, housing sales in the MMR stood at 1,71,165 units, valuing Rs 1,33,015 crore till the month of August this calendar year. Housing sales stood at 64,101 units, valuing Rs 41,353 crore during January-August last year.