Mumbai Property Registrations Drop 25% During Navratri Amid High Base and Fewer Working Days: Knight Frank

Mumbai recorded 4,680 property registrations during the Navratri period, marking a 25 percent decline compared to the previous year. According to Knight Frank data, the moderation was influenced by a higher base effect, tightening interest rates, and fewer working days.

Property registrations in Mumbai witnessed a 25 percent decline on a year-on-year basis during the Navratri period, according to data compiled by property consultancy Knight Frank.

Between October 11 and 19, the city recorded 4,680 property registrations. In comparison, the festive season last year saw 6,238 registrations, representing a 20 percent year-on-year growth during the same period.

Knight Frank attributed the moderation in sales to several factors, primarily the tightening of interest rates, a higher base from the previous year, and a reduced number of working days during the just-concluded festive season.

The consultancy noted that last year's festive period included only one Sunday. In contrast, this year's nine-day festival period included two Sundays, leaving a total of seven working days. The lower number of working days, coupled with some moderation in demand, contributed to the decline.

Government revenue was also impacted during the period. Stamp duty collections fell 15 percent year-on-year to ₹499 crore. Average daily collections declined to ₹55 crore, down from ₹59 crore in 2025.

Commenting on the market data, Shishir Baijal, International Partner, Chairman and Managing Director, Knight Frank India, stated that Navratri registrations moderated against the high base set last year, though daily figures offer a more measured view of market activity. Baijal added that registrations per working day remained above 2024 levels in 2026, and revenue declined less sharply than transaction volumes. He noted that these trends suggest continued buyer participation in Mumbai’s housing market as festive-period activity normalises, with future performance depending on demand evolution across price segments and the alignment of housing supply with buyer preferences.

"A 25 percent decline in property registrations during a key festive period highlights the immediate impact of a high base effect, tightening interest rates, and fewer working days on consumer demand. However, the fact that average daily collections and per-working-day registrations show resilience indicates that underlying buyer interest remains active in the Mumbai housing market. Real estate stakeholders must closely monitor price segment demand and inventory alignment to navigate this normalisation phase effectively." — Dr. Shishir Gupta, Founder & CEO, StartupLanes