infowebsite.in
Last year, from September 19 to September 28, there were seven working days, during which 3,782 properties were registered. This averages to about 540 registrations per day. However, during the Ganesh festival in 2024, from September 7 to September 17, there were also seven working days, but only 3,405 properties were registered. This marks a 10 per cent drop compared to the previous year, as per Knight Frank India’s data.
Mumbai’s real estate market witnessed a 10 per cent dip in property registrations during this year’s Ganesh Chaturthi festivities.
(Photo source: Unsplash)
Mumbai: The real estate market in Mumbai saw a 10 per cent dip in property registrations during this year’s Ganesh Chaturthi festivities. In 2024, only 3,400 properties were registered compared to 3,700 in 2023, according to data from Maharashtra IGR and Knight Frank India, a real estate consulting firm.
Ganesh Utsav is a significant event that kicks off the festive season in Mumbai. Last year, from September 19 to September 28, there were seven working days, during which 3,782 properties were registered. This averages to about 540 registrations per day. However, during the Ganesh festival in 2024, from September 7 to September 17, there were also seven working days, but only 3,405 properties were registered. This marks a 10 per cent drop compared to the previous year, as per Knight Frank India’s data.
What led to decline in property registrations?
As per the Knight Frank India report, housing demand in Mumbai remains strong, still the overall number of registrations has dipped. They believe 2024 may still see a record high in property sales for the year. “It’s too soon to draw conclusions from just a few days or weeks of data,” said Vivek Rathi, National Director of Research at Knight Frank India, as quoted by Hindustan Times.
He added that some economic indicators are showing slow growth, which could impact market activity. However, strong demand factors are still in place, and a possible cut in the policy repo rate, along with the festive season, could help maintain sales momentum.
Property sales in other Indian cities
According to data from Propequity, a real estate analytics firm, only Delhi NCR (22 per cent) and Navi Mumbai (4 per cent) saw an increase in property sales year-over-year in Q3FY24. Other cities experienced declines, with Hyderabad seeing the largest drop at 42 per cent, followed by Bengaluru at 26 per cent, Kolkata at 23 per cent, Pune at 19 per cent, Chennai at 18 per cent, Mumbai at 17 per cent, and Thane at 10 per cent.
Developers have observed that properties ready for possession or nearing completion tend to sell better than those still under construction. Rajendra Sharma, Chairman and MD of Ambit Realtors and Developers, noted that while the festive season may feel quieter this year, his project, Ambit Vista in Santacruz, has seen better sales compared to last year. This success is attributed to the project’s advanced construction stage. Sharma added that projects nearing completion will likely perform better than those just starting construction.
Despite the slight decline in registrations, experts and developers report no significant drop in overall sales. Many real estate developers are still offering “buy now, pay later” schemes, also known as flexi payment plans, during the festive season. These plans allow potential buyers to make initial payments of just 10 per cent or 20 per cent and pay the remainder upon possession.
Next Article
Follow us on social media
