Mumbai Real Estate Records Surge: 12,600 Houses Transacted, Contributing Rs. 1,257 Crore

Mumbai, 16th November 2023: Between Navratri and Diwali, specifically from October 15 to November 15, a noteworthy surge in real estate activity has been observed in Mumbai. The latest report from Knight Frank Company reveals that a remarkable 12,600 houses were successfully transacted during this period, surpassing last year’s figure of 10,000 houses. This heightened level of activity has substantially contributed Rs. 1,257 crore to the state government’s coffers.

Breaking down the numbers, the report indicates that from October 26 to November 26 last year, 9,659 houses were sold, while this year, the corresponding period saw a significant increase, with 12,602 houses changing hands. This translates to an average of 407 houses being sold each day. Notably, this year has seen a surge of 2,943 additional house sales compared to the same timeframe last year.

Shishir Baijal, Chairman, and Managing Director of Knight Frank, remarked on the positive response to house sales during Navratri, with 4,594 houses sold during this festive period. Baijal noted that this momentum continued through Diwali, bringing satisfaction to developers who are witnessing a growing influx of homebuyers. The demand is particularly high for smaller houses, although there is also a notable interest in luxury homes in areas like Mumbai.

Developers are reporting an ongoing rise in the number of homebuyers, and this trend extends to luxury properties. In the Mumbai metropolitan region, the sale of luxury homes has seen a remarkable 74 per cent increase this year, with 36,130 such houses sold in Mumbai and 6,850 in Pune. It is clarified that the current surge in house sales in Mumbai is predominantly for properties ranging between one to two crores.