Property developers and registration offices saw a jump in bookings and registrations on Friday on account of Akshaya Tritiya.
Property registration in Mumbai is expected to soar past 700 on Friday, surpassing the average daily rate of registration of 381 properties in May, marking over 80% increase, Knight Frank said.
This rise is largely attributed to the auspicious celebration of Akshay Tritiya, a day traditionally associated with new beginnings and purchases.
“Normally, a lot of people book on this day. Our May sales see 20% to 30% jump due to Akshaya Thritiya,” said Sanjay Dutt, managing director at Tata Realty & Infrastructure.
Murali Malayappan, chairman and managing director of Shriram Properties, said that there was a bit of rush to deposit the booking amount and sign agreements. “We have seen a 10% jump in sales today,” Malayappan said.
Shishir Baijal, chairman and managing director, Knight Frank India, said, “On the day of Akshay Tritiya, buying precious items is deemed auspicious and divinely blessed. Whether it’s property purchase or other assets such as jewellery or a new car, there’s typically a notable surge in purchases on this day. Over the past two years, Mumbai’s property market has experienced remarkable growth, with strong demand trends, and days like Akshay Tritiya often serve as catalysts for further expansion.”