Mumbai Real Estate Breaks 5-Yr Record: 356 Property Registrations Per Day In Navratri!
Property consultant Knight Frank India reported that 2,494 property units were registered in Mumbai during the first 7 days of Navratri festival.
This translates to a daily amount of 356 units.
Shishir Baijal, chairman & managing director, Knight Frank India, said that 2021 may break the cycle after 5 years of “depressed festival season”.
The spike in property registration was recorded during October 7-13.
The daily registrations rate in previous months of August and September was 219 units and 260 units respectively.
Best In 5 Years
Industry body Credai MCHI said in its ‘MMR Housing Report 2021’ that 2021 could be the best in the last five years for the Mumbai Metropolitan Region (MMR).
It shows that housing sales in MMR till the month of August 2021 stood at 1,71,165 units valued at Rs 1,33,015 crore.
The conducive buyers’ environment has led to indecisive buyers taking the intiiatve to invest in property.
Those already owning properties are seeking larger spaces.
Big Names In Mumbai Real Estate
Major players in Mumbai’s primary housing market include:
- Macrotech Developers (Lodha group)
- Godrej Properties
- Oberoi Realty
- Hiranandani group
- Kalpataru Ltd
- Tata Housing
- Shapoorji Pallonji
- Piramal Realty
- Mahindra Lifespace Developers
- Rustomjee group
- K Raheja group
The daily average of home registrations has jumped in the festive period.
The festival has an added advantage of multiple auspicious days for Indian buyers to sign on the dotted line, which explains the jump in numbers.
Some of the market conditions behind this rush have been low prices, decadal low home loan interest rate along with festive offers from developers.
Some of these special offers include bank subventions, flexible payment plans and attractive launch prices.
The demand stems from a need for parking funds in a safe-haven investment.
The pandemic has also highlighted the importance of large living spaces where work and personal lives can coexist.