Property registrations in Mumbai during the festive period between Navratri and Bhai Dooj rose 30% year-on-year (YoY) to 12,600 units, according to a Knight Frank Report.
"The number of apartments sold during this festive period, from October 15 to November 15, inclusive of Navratri and Diwali, represents a level of momentum unseen in the last 10 years," said Gulam Zia, Senior Executive Director at Knight Frank India.
The daily average registration in the city during the period climbed to 407 units this year from 322 units last year.
"In the last decade, this stands out as one of
Mumbai's best festive seasons. After a period of recovery from the recessionary trend of the past 10 years, last year was the best with around 9,500 transactions. Now, we are looking at an impressive 12,600. Post-COVID, there has been a turnaround in the real estate sector, especially for housing," Zia said.
Zia emphasised the encouraging fact that apartments below ₹1 crore accounted for more than 50% of the overall transaction numbers in Mumbai. He mentioned, "This is a great consolation. For almost 10 to 15 years, the lower end of the market has held strong, and in Mumbai, it's happening across all segments, making sales quite democratic."
In October, Zia pointed out to CNBC-TV18 that l
uxury home sales in the country surpassed affordable houses for the first time ever while expressing concern that the
affordable housing sector, which had been a crucial driver of the real estate market's growth, was facing considerable challenges.
His concern was that while the upper-end and the mid-end have been filling in the gap created by the lower-end segment, there will be a limit to how much luxury apartments will continue to sell.
Overall
real estate registrations in Mumbai since the beginning of the year 2023 were at 1.01 lakh, per Knight Frank India's October report. Mumbai is fourth among 46 cities globally in terms of price rise of luxury residential properties.
(Edited by : Shweta Mungre)
