A little over 9000 properties were registered in Mumbai in September, showing a fall both year-on-year and sequentially as the inauspicious shraadh period dampened buying sentiments , customers avoiding big ticket purchases.
The shraadh period this year started on September 18 and ends this week on October 3.
This is the first time since November 2023 that registrations of properties in the city have dropped below 10,000. In fact except for January this year, registrations have been well above 11,000 units. Of the total registrations residential units accounted for 80 per cent.
In August registrations were at 11,631 units while September 2023 saw registration of 10,694 units.
However when seen cumulatively for the first nine months of the year, registrations show a 12 per cent rise on year at over 1 lakh units.
Analysing the data, property consultant Knight Frank India said that over 40 per cent of the property transactions were of high value of ₹1 crore and above. This has been a trend over the past two years with demand for premium houses outstripping that of mid-income residences.
Over half of the demand was for houses in the range of 500 to 1000 square feet, though there was a distinct uptick in demand for houses sized 1000 to 2000 square feet.