Home Sales In Mumbai a Big Hit This Navratri, City Sees Over 400 Apartment Registrations a Day

This festive season has begun with a bang in the country's biggest property market by value, with more than 400 apartments registered every day through the Navratri period in Mumbai despite an end to attractive stamp-duty rebates applicable earlier.

Record-low home loan rates and lucrative festive-season offers from realtors have helped drive sales through the auspicious period that began on October 7. The city recorded 3,205 cumulative registrations in this period. By contrast, daily egistration rates in August and September were 219 and 260 units, respectively, showed a Knight Frank India study.

A significant but limited-period reduced stamp-duty window that ended on March 31 was earlier considered the catalyst for driving residential property sales in Mumbai. The closure of this window coincided with the second Covid wave, which hit the sales momentum.

Since then, the housing market in Mumbai has begun showing signs of revival.

"After almost half a decade of depressed festive-season sales, this year may break the cycle and could be one of the best," said Shishir Baijal, CMD, Knight Frank India. "It is encouraging to see that the daily average of home registrations has jumped in the festive period without the stamp-duty incentive support."

With the central bank maintaining its stance on low policy interest rate and developers giving attractive offers, the sales trajectory has picked up again. Cumulative sales in July and August this year were higher than in the same months of 2018 and 2019.

"The festive season has started with a bang. Homebuyers are taking complete advantage of the best market conditions, including record-low home loan rates and competitive property prices," said Ram Naik, joint director, The Guardians Re Real Estate Advisory.

Robust Diwali Sales Likely "We have sold apartments worth over ₹1,200 crore in the last eight days alone and nearly ₹750 crore of this has come from the luxury and semi-luxury segments, while the affordable and mid-income segment is also showing robust sales velocity." Diwali sales are also expected to be robust. Developers have lined up fresh housing starts to benefit from upbeat homebuyer sentiment and these factors are expected to contribute to the sales momentum through Diwali in Mumbai.

According to Knight Frank, daily registrations this month until October 13 are 17% higher than the intensity in August. The inauspicious period of Shradh saw a slowdown in the sales of high- value assets like real estate. In the first two weeks of October, property registrations in Mumbai stood at 4,052 units, fetching the Maharashtra government stamp-duty revenue worth ₹260 crore.

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Source: economictimes.indiatimes.com