Mumbai property registrations fall 25% in Navratri 2026

Mumbai property registrations fell 25% during Navratri 2026, dropping to 4,680 from 6,238 registrations during the same festival period last year, according to data compiled by Knight Frank India from the Maharashtra department of registrations and stamps.

Revenue from Mumbai property registrations declined less sharply. Collections fell 15% year on year to Rs 499 crore from Rs 587 crore in Navratri 2025. Average registrations per working day moderated to 669 units in 2026 from 693 units last year, while average daily revenue collections slipped to Rs 55 crore from Rs 59 crore.

The figures cover Mumbai city under the Brihanmumbai Municipal Corporation (BMC) area. Navratri was celebrated from October 11 to 19 this year, compared with September 22 to October 1 in 2025.

Fewer working days behind the drop in Mumbai property registrations

Knight Frank India said the decline can partly be attributed to a higher base and fewer working days this year. The nine-day festival period in 2026 included two Sundays, leaving seven working days for registrations. In 2025, the festival ran for 10 days with only one Sunday, which gave buyers nine working days to complete registrations.

The consultancy also pointed to some moderation in housing demand during the festival period, with the slowdown coming amid a tightening of interest rates. The smaller fall in revenue relative to registration volumes suggests the value mix of transactions may have supported collections, though the data alone does not show whether higher-value homes accounted for a larger share of purchases.

First festive-period decline in three years for Mumbai property registrations

The 2026 numbers break a three-year run of growth in Mumbai property registrations during Navratri. Registrations rose 13% during Navratri 2024 to 5,199 from 4,594 in 2023, before climbing 20% in 2025 to 6,238, the highest festival-period tally in the years covered by the report.

Seen on a per-working-day basis, the slowdown in Mumbai property registrations looks milder. The 669 units a day registered during Navratri 2026 remained above the 650 units a day recorded in 2024, indicating that buyer participation in the Mumbai housing market held up even as headline totals normalised against last year's record. The per-day fall works out to about 3.5%, far smaller than the 25% headline drop.

Revenue collections had crossed Rs 500 crore in each of the previous two festive periods, at Rs 502 crore in 2024 and Rs 587 crore in 2025, so this year's Rs 499 crore marks the first dip below that mark.

"Navratri registrations have moderated against the high base set last year, but the daily figures offer a more measured view of the market activity. Registrations per working day remained above 2024 levels in 2026, while revenue has declined less sharply than transaction volumes. Together, these trends suggest that Mumbai's housing market continues to see buyer participation, even as festive-period activity normalises," said Shishir Baijal, International Partner, Chairman and Managing Director of Knight Frank India.

September had been stronger for Mumbai property registrations

The festival-period dip follows a stronger September for Mumbai property registrations. The city recorded 12,622 property registrations in September 2026, up 5% year on year, while registrations during Ganesh Chaturthi rose 22%, showing that demand had been healthy in the weeks before Navratri.

"The next phase of market performance will depend on how demand evolves across price segments and how effectively housing supply aligns with buyer preferences," Baijal added, pointing to the Diwali period as the next test for the Mumbai housing market.