Mumbai, Maharashtra – May 14, 2024 – Living up to its reputation as an auspicious day for property purchases, Akshaya Tritiya witnessed a surge in registrations in Mumbai and Thane, Maharashtra. The positive sentiment surrounding the occasion translated into a significant boost for the real estate market in these key cities.
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Record-Breaking Day:
According to reports, Mumbai saw an impressive 1,204 property registrations on Akshaya Tritiya, generating a substantial Rs 123.89 Crore in stamp duty collections for the state exchequer. This marks the highest single day for property registrations in recent months, exceeding even the daily average for May 2024.
Read: Aadhar Housing Finance Secures Nearly Rs 900 Crore Through Anchor Investor Round
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Thane Joins the Momentum:
Thane, a satellite city of Mumbai, also experienced a positive impact from Akshaya Tritiya. While specific figures are not yet available, industry reports suggest a notable increase in property registrations compared to usual weekdays. This trend reflects the growing appeal of Thane as a preferred residential destination.
The Power of Tradition:
Akshaya Tritiya, literally meaning “the third day of the imperishable,” holds immense significance in Hindu culture. It is believed that any ventures undertaken on this day are blessed with enduring success and prosperity. This belief often translates into increased buying activity, particularly for valuable assets like real estate.
Industry Optimism:
Real estate developers and industry bodies have expressed enthusiasm over this development. To capitalise on the festive spirit, developers are expected to roll out a slew of attractive offers and incentives. This could include discounts, flexible payment plans, or freebies to entice potential buyers. Additionally, a rise in marketing campaigns and open house events is likely in the lead-up to Akshaya Tritiya.
Experts Caution for Continued Vigilance:
While the Akshaya Tritiya surge is a welcome sign, experts advise homebuyers to remain cautious. Thorough research on the property, location, and developer’s reputation is crucial before making any investment decisions.
