The pace of real estate purchases in Mumbai slowed down during the Navratri period this year. Over the nine days of Navratri 2026, 4,680 property transactions were registered, compared to 6,238 properties registered in the same period last year, indicating an annual decline in registration of 25%.
The decrease in registrations also led to a reduction in government budget receipts. According to a report by the real estate consulting firm Knight Frank India, revenue from property registration during Navratri this year amounted to 499 crore rupees, which is 15% less than the 587 crore rupees recorded last year.
Data from the Maharashtra government's Department of Registration and Stamps shows that 4,680 properties were registered in Mumbai during Navratri this year. This figure is 25% lower than last year's figure of 6,238 properties. However, for a complete understanding of this slump, it is important to note that Navratri lasted fewer days for registration this year. In 2026, Navratri lasted 9 days, but due to two Sundays, registration only took place over 7 days.
In contrast, Navratri lasted 10 days in 2025, providing 9 days for registration. Thus, despite the overall 25% decrease, the average daily number of registrations only decreased by 4%. This year, an average of 669 properties were registered per day, compared to 693 properties per day last year. It should be noted that last year, there was a 20% increase in registrations during Navratri, marking the highest figure in many years included in the report.
Consequently, state revenues from real estate registrations also fell. In Navratri 2026, 499 crore rupees were collected, whereas last year this income was 587 crore rupees, reflecting an annual revenue drop of 15%. The average daily income also decreased. In Navratri 2025, an average of 59 crore rupees was received daily, which dropped to 55 crore rupees this year, demonstrating approximately a 6% fall in average daily income.
Shishir Bajal, Chairman and Managing Director of Knight Frank India, noted that compared to the strong figures of last year, there is a slowdown in real estate registration rates during Navratri this year. Nevertheless, the daily registration figures provide a more balanced picture of market activity. According to him, in 2026, the level of daily registrations remained higher than in 2024, and the revenue decline was less pronounced compared to the total number of registrations.
This suggests that despite returning to a normal level of activity during the festive period, buyer participation in the Mumbai housing market persists. Future market results will depend on the demand for housing across various price segments and how well the housing supply meets buyer preferences.
The situation in the Mumbai real estate market during Shraddha differed from the Navratri period. It is generally believed that Shraddha is not an auspicious time for major purchases, and a stagnation in property purchases is expected. However, according to Knight Frank India data, there was a slight increase in registrations during Shraddha this year. From September 26 to October 10, 2026, 3,419 properties were registered in Mumbai, compared to 3,368 registrations in the same period last year, representing an increase of approximately 2%. Average daily registrations also rose from 306 to 311. Nevertheless, revenue from property registration during this period decreased from 265 crore rupees in 2025 to 255 crore rupees in 2026, which is a year-on-year drop of approximately 4%. Average daily income also fell from 24 crore rupees to 23 crore rupees.
