Mumbai, in a positive trend, experienced a robust increase in property registrations during the festive season, according to the latest report by Knight Frank. The data reveals a noteworthy 30% year-on-year rise in property registrations, reaching 12,600 units between Navratri and Bhai Dooj.
Gulam Zia, Senior Executive Director at Knight Frank India, highlighted the significant momentum witnessed in the market during the festive period from October 15 to November 15. Zia stated, “The number of apartments sold during this festive period represents a level of momentum unseen in the last 10 years.”
The daily average registration during this period in the city climbed to 407 units this year, compared to 322 units last year, marking a substantial increase. Zia remarked on the remarkable performance of Mumbai’s real estate market during this festive season, stating, “In the last decade, this stands out as one of Mumbai’s best festive seasons.”
After recovering from the recessionary trend of the past 10 years, last year saw approximately 9,500 transactions, making it the best year. This year, the market has surpassed expectations with an impressive 12,600 transactions. Zia attributed this surge to a turnaround in the real estate sector, particularly in the housing segment, post-COVID.
A noteworthy aspect emphasized by Zia was the positive trend in transactions for apartments below ₹1 crore, accounting for more than 50% of the overall numbers. He commented, “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.”
Gulam Zia had previously expressed concerns about the affordable housing sector facing challenges, pointing out that luxury home sales had surpassed affordable houses for the first time. While the upper and mid segments have compensated for the lower-end segment’s challenges, Zia cautioned that there might be limits to the sustainability of luxury apartment sales.
According to Knight Frank India’s October report, overall real estate registrations in Mumbai for the year 2023 have reached 1.01 lakh. Mumbai also holds the fourth position among 46 global cities in terms of the rise in luxury residential property prices.