Diwali cheer: Mumbai records 1,441 property registrations in 3 days

Even after accounting for four non-working days in November, thanks to Diwali festivities, the number of homes sold per day in the month totals to 206. This rate has been on an upward trajectory from August (219 registrations per day) to September (260). The Navratri week in October saw the number ascend further to 277 registrations per day.

Knight Frank India has said that November’s projected registrations could see cumulative registrations for 2021 cross the one-lakh mark. The pick-up in registrations, more significantly, comes even amid the state government’s rollback of a stamp duty incentive announced last year.

“Even while the government stamp duty incentive has been rolled back, a combination of positive factors like multi-decade low home loan interest rate, affordable property prices, and developer offerings on new products and payment flexibility has pushed fence-sitters too to take the purchase decision sooner than later,” Baijal added.

Mumbai’s property registrations hit a high this year in March, which saw 17,728 registrations fetching the government stamp duty revenues of Rs 875 crore. Incidentally, the government rolled back its 3 percent rebate on stamp duty from April 2021 onwards. Despite the rollback, April, May and June 2021 saw registrations of 10,136; 5,360 and 7,856 homes respectively.