The Mumbai real estate market has on average reported about 10,000 property registrations a month this year.
More than 4,800 properties have been registered in Mumbai’s Real Estate market in the first 10 days of November, ahead of Diwali, which marks the peak of the festive season.
This is a little over 40 percent of the average monthly registrations in Mumbai, according to data from the Maharashtra Inspector General of Registrations and Stamps. On average, more than 300 properties were registered in the city every day this year, taking the monthly total to 9,000-10,000.
November Rush
According to the data, the Mumbai real estate market reported 4,811 property registrations and Rs 354 crore in stamp duty revenue this month, as of 8 pm on November 10. In comparison, 10,607 property registrations were reported in the city in October, raking in Rs 835 crore in revenue.
Diwali is considered an auspicious time to buy property, more so when there are sales and promotions offered.
However, even as property registration seems to be robust, developers said the pace of closing deals is slower this festive season than last year, at least in Mumbai. Homebuyers are taking longer to decide on purchases because they have a plethora of options.
“Our sales have doubled this festive season, but the overall enthusiasm for deal closures seems tempered compared to the previous year,” said Bhavya Shah, a director at Origin Corp., a developer. “The market dynamics have shifted with increased competition due to multiple launches, resulting in a slightly prolonged deal closure process compared to the frenzied pace of the previous festive season.”
However, Shah maintained that deal closures depend on the right product and right pricing.
“We have been successfully selling one-, two- and three-BHK properties in Mira Road and Kandivali, two prominent micro-markets in the Mumbai Metropolitan Region, ranging from Rs 65 lakh to Rs 3 crore,” Shah said.
Another developer, MICL Group, said the response to their offering was “warm” and buyers are showing interest in super luxury and luxury categories.
“We are anticipating a bonanza during Diwali as the market is positive and we believe that quality does not need offers,” said Manan Shah, managing director at MICL Group.
Keystone Developers, also known as the Rustomjee Group, is offering staggered payment options for homebuyers this festive season.
“The company is offering the option of moving in immediately by paying a certain percentage of the total apartment cost and the balance can be paid by the homebuyers at a later stage within the decided timeline. The company currently has 22 projects in the pipeline with a potential of 37 million square feet,” said Rakesh Setia, president of sales and marketing at Rustomjee Group.
The festive season is also when customers seek to upgrade their homes by purchasing bigger apartments. Ankit Arora, a 30-year-old resident of Borivali in Mumbai, is searching for a decent-sized three bedroom apartment.
“We are residing in a society that is expected to undergo redevelopment next year and hence we are looking to sell our 1-BHK house provided we get a good offer. I will later opt for a home loan to buy a 3-BHK apartment if we get a good deal and hence the festive season becomes an ideal time for me to close attractive deals,” Arora said.
Navratri 2023 Rush
Property registrations in Mumbai had also soared during Navratri, touching 4,594 units during the nine days from October 15 to October 23, a 37 percent year-on-year growth. This marks an increase from the 3,343 units registered during Navratri last year, according to Knight Frank India, a real estate consultancy firm.
According to the data, the average daily registration rate, which was 231 during the first 14 days of October, more than doubled to 510 units during Navratri.
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