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Positive real estate demand persists in Maharashtra during festive season

Oct 25, 2023

By: BlinkX Research Team

The festive season has seen a surge in property registrations in Maharashtra, even as interest rates continue to rise in India's most expensive real estate market. Property sales witnessed a 14% year-on-year growth, during the period between September 26 and October 4,  with 3,659 apartments sold, compared to 3,025 during the previous Navratri season in 2021. This data, sourced from the Inspector General of Registration, Maharashtra, highlights the resilience of the property market during this festive period.

Moreover, the average daily sale during this year's Navratri period increased to 407, up from 356 in 2021, illustrating the sustained demand for real estate. Experts attribute this positive trend to factors like stable property prices, income levels, and a favorable GDP growth outlook over the past six months.

Boman Irani, President of CREDAI-MCHI, expressed confidence in the strong sentiment among homebuyers, with a high number of inquiries converting into actual sales. He expects this positive momentum to persist throughout the festive season.

Despite rising interest rates and the end of the stamp duty reduction window, the Mumbai real estate market has maintained its impressive performance, setting new records. In September, Mumbai registered 8,628 property transactions, a remarkable 11% increase compared to the previous year. Additionally, the government's revenue collection through stamp duty charges surged by 39%, reaching ₹734 crore.