Diwali 2023: 4,800 houses registered in Mumbai as of November

By Bricksnwall | 2023-11-11

This year, the Mumbai real estate market has recorded over 10,000 property registrations every month on average.

Prior to Diwali, the culmination of the festival season, over 4,800 properties have been registered in Mumbai's real estate market in the first ten days of November.

Based on data from the Maharashtra Inspector General of Registrations and Stamps, this represents slightly more than 40% of the typical monthly registrations in Mumbai. This year, the city registered more than 300 properties on average each day, bringing the monthly total to 9,000?10,000.

November madness

Data indicates that as of 8 p.m. on November 10, the Mumbai real estate market reported 4,811 property registrations and Rs 354 crore in stamp duty collections this month. By contrast, 10,607 property registrations bringing in Rs 835 crore were recorded in the city in October.

Purchasing real estate is said to be lucky around Diwali, especially when there are discounts and special offers available.

Developers have reported that, at least in Mumbai, the speed of contract closings over this Christmas season is slower than it was the previous year, notwithstanding the seeming robustness of property registration. Due to their abundance of options, homebuyers are delaying their decisions.

Developer Origin Corp. director Bhavya Shah stated, "Our sales have doubled this festive season, but the overall enthusiasm for deal closures seems tempered compared to the previous year." "Due to numerous launches and heightened competition, the market dynamics have changed, leading to a slightly longer deal closure process than the hectic pace of the previous holiday season."

Shah stated that the proper product and price are necessary for deal completion.

"Rising from Rs 65 lakh to Rs 3 crore, we have been successfully selling one-, two-, and three-BHK properties in Mira Road and Kandivali, two renowned micro-markets in the Mumbai Metropolitan Region," Shah stated.

The reaction to another developer's offering, MICL Group, was described as "warm," and purchasers are expressing interest in super luxury and premium categories.

Manan Shah, managing director of MICL Group, stated, "We are anticipating a bonanza during Diwali as the market is positive and we believe that quality does not need offers."

This holiday season, purchasers can choose from a variety of staggered payment options provided by Keystone Developers, popularly referred to as the Rustomjee Group.

The company is giving customers the option to move in right away by paying a portion of the entire flat cost; the remaining amount can be paid by the buyers within the predetermined time frame. As of right now, the company is working on 22 projects totaling 37 million square feet, according to Rustomjee Group President of Sales & Marketing Rakesh Setia.

Customers try to upgrade their houses by buying larger apartments throughout the holiday season. Thirty-year-old Ankit Arora is looking for a respectable-sized three-bedroom flat in Borivali, Mumbai.

The data shows that over the first 14 days of October, the average daily registration rate was 231, but during Navratri, it more than doubled to 510 units.