Diwali Boosts Mumbai Property Market: 11,861 Units Registered, 21% Increase in 2024
Mumbai's real estate market saw a significant surge during Diwali 2024, with 11,861 property registrations, marking a 21% increase compared to the same period in 2023. Revenue from these registrations also jumped by 52% to ₹1,081 crore.
Mumbai Real EstateDiwali 2024Property RegistrationsAnarockFestive SalesReal Estate MaharashtraOct 30, 2024
In September 2024, 9,111 units were registered, generating a revenue of ₹876 crore. For August 2024, the registration of properties stood at 11,631 units. Residential units account for about 80% of the total property registrations in Mumbai, as per market sources.
Anuj Puri, Chairman of ANAROCK Group, highlighted the significance of the current sales trend. 'Considering that housing sales remained tepid in the third quarter of 2024 across the Mumbai Metropolitan Region (MMR), including Mumbai, the city’s sales in just the first month of the festive quarter is notable. According to ANAROCK research, Q3 2024 saw the sale of 24,930 units, nearly 10% less than the sales in Q3 2023. If the current sales trend continues, the ongoing festive quarter (October to December) could record higher sales than the preceding quarter despite high prices,' he said.
A significant factor contributing to the rise in property registrations this October is the timing of both Dussehra and Diwali in the same month. 'Last year, Dussehra was in October and Diwali in November. Both these festivals are considered the most auspicious for property buying, and many buyers time their purchases accordingly,' Puri added.
ANAROCK’s analysis of property registrations during Diwali over the past six years shows that 2024 had the highest number of registrations at 11,861. In 2023, 9,736 properties were registered during the Diwali month of November, followed by 8,421 in 2022, 7,582 in 2021, 9,301 in 2020, and 5,811 in 2019.
Further analysis of the data reveals that the average ticket price of homes in Mumbai was the highest in October 2024, at ₹1.66 crore. This indicates a higher sales volume of high-ticket price homes compared to more affordable ones. In the Diwali month of November 2020, during the COVID-19 pandemic, the average ticket price was the lowest at ₹1.03 crore, even when 9,301 properties were registered.
Property registrations in the Mumbai real estate market have crossed the 1.15 lakh mark in the first 10 months of 2024, with revenue collections nearing ₹10,000 crore. This trend suggests a robust and growing market, despite the challenges faced earlier in the year.
Frequently Asked Questions
How many property registrations were recorded in Mumbai during Diwali 2024?
Mumbai recorded 11,861 property registrations during Diwali 2024.
What was the percentage increase in property registrations in Mumbai during Diwali 2024 compared to 2023?
There was a 21% increase in property registrations in Mumbai during Diwali 2024 compared to 2023.
How much revenue was generated from property registrations during Diwali 2024 in Mumbai?
The revenue generated from property registrations during Diwali 2024 in Mumbai was ₹1,081 crore.
What is the average ticket price of homes in Mumbai during Diwali 2024?
The average ticket price of homes in Mumbai during Diwali 2024 was ₹1.66 crore.
What is the significance of the timing of Dussehra and Diwali in the same month for property sales?
The timing of both Dussehra and Diwali in the same month is significant as both festivals are considered auspicious for property buying, leading to a higher number of property registrations.
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