Property registrations in Mumbai saw a significant downturn during Navratri 2026, with a 25% year-on-year decline compared to the previous festive period. A total of 4,680 transactions were recorded between October 11 and October 19, 2026, making it the lowest Navratri registration count in the last three years.
Sharp Decline from Previous Year's High
The latest figures, compiled by Knight Frank India, show a substantial drop from the 6,238 registrations noted during Navratri 2025. This downturn follows a strong performance last year, which saw a 20% increase in registrations over 2024 levels, setting a high base.
Revenue generated from these property registrations also experienced a decline, falling 15% year-on-year to Rs 499 crore in 2026, down from Rs 587 crore in 2025. However, this revenue figure was only marginally lower than the Rs 502 crore collected in 2024.
Daily Averages Offer Nuanced View
While total registrations fell sharply, a closer look at daily averages provides additional context. Navratri 2026 spanned seven working days, compared to nine working days in 2025. The average daily registrations stood at 669 units in 2026, a 3.5% decrease from 693 units in 2025. Importantly, this daily average remained above the 650 units recorded in 2024, suggesting a moderation rather than a collapse in daily transaction activity.
Similarly, average daily revenue collections softened to Rs 55 crore in 2026, down from Rs 59 crore in 2025 and Rs 56 crore in 2024. The less pronounced 15% decline in revenue compared to the 25% fall in registrations might indicate a shift in the value mix of transactions, though this is not definitively established by the data.
Expert Perspective on Market Trends
Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented on the findings, stating that registrations had moderated against the high base set in the previous year. He highlighted that daily registrations remained above 2024 levels and that the revenue decline was less sharp than the fall in transaction volumes.
Baijal emphasized that the future trajectory of Mumbai's housing market will depend heavily on the evolution of demand across various price segments and how effectively the housing supply aligns with buyer preferences in the coming months.