Mumbai city’s housing market saw a significant jump in property registrations this Navratri, leading to a record surge in revenue collections for the Maharashtra government, according to global property consultancy firm Knight Frank. Data from Maharashtra’s Department of Registrations and Stamps (IGR), analysed by Knight Frank, showed that registrations during Navratri rose to 6,238, up 20% from 5,199 in 2024. Additionally, the average daily registrations also increased to 624 per day this year from 578 per day last year.
Revenue jumps
Revenue from registrations during Navratri rose to Rs 587 crore, compared to Rs 502 crore last year, a 17% increase. Daily revenue collections averaged Rs 59 crore, up from Rs 56 crore in 2024.
Shishir Baijal, Chairman & Managing Director, Knight Frank India said: “Mumbai’s housing market has once again proven its strength, with 6,238 properties registered during Navratri 2025 a 20% year-on-year growth and the highest festive performance in recent years. This surge, supported by stable interest rates, improving affordability, and the recent GST simplifications, reflects the sustained confidence of homebuyers. The robust revenue collections of Rs 587 crore further affirm that buyer sentiment remains firmly positive, establishing a strong foundation for continued momentum in the residential market.”
Best September in 10 years
September 2025 overall saw 12,070 registrations, making it the best September in a decade. The report noted that the early end of the Shraddh period (September 7–21) and the timing of Navratri (September 22–October 1) concentrated buyer activity within the month.
Even during Shraddh, usually considered a quieter period, registrations rose to 3,368 from 3,216 last year. Revenue for the same period went up to Rs 265 crore, compared to Rs 219 crore in 2024 a 21% increase.
Market drivers
The report identified three principal drivers behind the momentum. First, stable interest rates prevented immediate mortgage shock and kept monthly EMIs manageable. Second, improving affordability nudged more buyers toward purchase decisions; the report links this to wage and income trends that are keeping debt servicing in check for many segments. Third, rising appetite for premium properties has shifted the mix upward, increasing average ticket sizes and lifting revenue even when unit growth is moderate. The report also cites recent GST simplifications as a facilitating policy change that eased transactional frictions for buyers and developers.