The festive season has been a boon for Mumbai’s real estate sector, with a whopping 12,602 housing units being registered between Navratri and Bhai Dooj. This surge in registrations has enriched the state exchequer by a staggering ₹1,257 crore, marking a 30% growth compared to the previous year.
According to Knight Frank India, approximately 407 housing units were registered per day during this period. Shishir Baijal, Chairman & Managing Director of Knight Frank India, expressed optimism about the robust registration volumes, attributing them to favorable market conditions such as moderately increasing property prices and stable policy interest rates.
The surge in housing unit registrations was anticipated due to stable interest rates and a growing preference for more spacious living accommodations. Furthermore, industry experts are hopeful that the total number of home sales in 2023 will surpass those of 2022, with the festive season being a key driver for developers, as approximately 40% of residential units are typically sold during the last quarter of the year.
Manju Yagnik, VC of Nahar Group, estimated that house sales in 2023 could potentially be 20-30% higher than in 2022, taking into account the current holiday season’s momentum. Anshuman Magazine, Chairman & CEO of CBRE India, South-East Asia, Middle East & Africa, also anticipated the festive season sales to further boost the positive sales trend witnessed throughout 2023.
Developers have been offering attractive schemes and incentives to attract buyers, especially first-time buyers. Magazine noted an increasing demand for mid-end and premium category residential properties, while the premium and luxury segment is expected to become a sought-after investment avenue, particularly for high-net-worth individuals and non-resident Indians seeking to safeguard their investments amid global macroeconomic uncertainties.
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