Diwali 2023: Why the rush? With over 4,800 houses registered in Mumbai as of November, how come?

Diwali 2023: Why the rush? With over 4,800 houses registered in Mumbai as of November, how come?

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

The Mumbai real estate industry, at least, has seen a slower speed of transaction closure this Christmas season than last, according to developers, despite the apparent robustness of property registration.

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 statistics 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 around 300 homes on a daily basis, 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 recorded 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 deals and promotions 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 alternatives, homebuyers are delaying their decisions.

Developer Origin Corp. director Bhavya Shah said, "Our sales have increased by twofold this festive season, but the overall fervor for deal closures seems tempered relative 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-, as well as three-BHK properties in Mira Road and Kandivali, two renowned micro-markets in the Mumbai Metropolitan Region," Shah said.

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, the managing director of MICL Group, said, "We plan on a bonanza during Diwali as the market is encouraging and we believe that quality does not need offers."

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

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

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

"We are hoping to sell our one-bedroom property, provided we get a decent offer. We live in a society that is anticipated to undergo reconstruction next year. If we strike a good bargain, I'll choose to take out a house loan to purchase a three-bedroom apartment, so the holidays will be a great time for me to conclude transactions," Arora said.

Navratri rush in 2023

Mumbai saw a 37 percent year-over-year increase in property registrations during Navratri, reaching 4,594 units during the nine-day period from October 15 to October 23. This is more than the 3,343 units that were registered during Navratri in the previous year, according per the real estate consulting company Knight Frank India.

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.