Wed Sep 25 05:00:29 UTC 2024: ## Mumbai Real Estate Sees Slight Dip in Registrations During Ganesh Festival 2024

**Mumbai, India** – The Mumbai real estate market experienced a 10% decline in property registrations during Ganesh Festival 2024 compared to the previous year, according to data compiled by Knight Frank India. While a total of 3,405 properties were registered between September 7 and 17, 2024, the festival period in 2023 saw 3,782 registrations.

Despite this drop, Knight Frank India maintains that housing demand in Mumbai remains strong, with 2024 on track to achieve a multi-year high in property sales registration. The firm attributes the slight dip to a combination of factors, including the “high base effect” from the previous year’s strong performance and a general moderation in economic activity.

While some market analysts see this as a potential sign of a slowdown, Vivek Rathi, National Director – Research, Knight Frank India, remains optimistic. He cites the upcoming festive season and a possible policy repo rate cut as potential catalysts for maintaining the momentum in housing sales.

Data from PropEquity reveals a similar trend across other major Indian cities. While Delhi NCR and Navi Mumbai saw an increase in sales, other cities experienced a dip, with Hyderabad registering the most significant decline at 42%. Despite the fall, Samir Jasuja, CEO and Founder of PropEquity, emphasizes that the overall demand for real estate remains robust, attributing the current dip to historical trends and not necessarily a negative sign.

Developers are also reporting mixed experiences, with those offering ready-to-move-in or near-completion projects experiencing better sales compared to those in the early stages of construction. Rajendra Sharma, Chairman and MD at Ambit Realtors and Developers, notes that their project “Ambit Vista” in Santacruz saw increased sales during Ganesh Festival 2024 compared to the previous year due to its advanced stage of construction. He expects strong demand in Mumbai’s western suburbs, particularly for projects priced between ₹2 crore and ₹4 crore.

In an effort to incentivize buyers during the festive season, several developers are offering “buy now, pay later” schemes, commonly known as flexi payment plans. These schemes allow buyers to pay a small initial deposit, with the remaining balance due upon possession. Some developers have even introduced plans where buyers can move into their new apartment after paying only 20% of the cost, with the balance spread over equal installments.

While the recent dip in property registrations during Ganesh Festival 2024 is a cause for observation, it is too early to draw definitive conclusions about long-term market trends. Experts remain confident in the overall health of the Mumbai real estate market, with factors such as strong underlying demand, upcoming festivities, and flexible payment options expected to contribute to continued growth in the coming months.

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