Mumbai: India's Financial Hub Sets New Diwali Property Records in 2024
Mumbai, the financial hub of India, continues to break real estate records, especially during the festive season. With over 92 billionaires and a growing number of millionaires, the city's property market has achieved unprecedented milestones in 2024.
Mumbai Real EstateDiwali Property BoomIndian EconomyReal Estate InvestmentProperty RegistrationReal Estate MaharashtraNov 07, 2024
Diwali 2024 was a landmark year for Mumbai’s property market, witnessing record-breaking property registrations. In October alone, 11,861 units were registered, marking a 21% increase from the 9,736 properties registered in the same period last year. This surge generated a remarkable ₹1,081 crore in revenue, a 52% leap from Diwali 2023's ₹712 crore.
Breaking down the data, around 80% of the property registrations during Diwali 2024 were residential, highlighting Mumbai’s enduring appeal as a prime destination for housing investments. September 2024 saw 9,111 registrations totaling ₹876 crore, while August recorded 11,631 units. This seasonal spike in October underscores the dynamism of Mumbai’s real estate market, even in the face of rising property prices.
Mumbai’s home prices set a new record in 2024, with the average property price hitting ₹1.66 crore. This steady rise in property value aligns with the overall increase in the city’s cost of living, which has grown by nearly 8% year-on-year. As of October 2024, property registrations have crossed 1.15 lakh, generating an astounding ₹10,000 crore in revenue. Despite economic challenges and high property rates, Mumbaikars continue to see real estate as a key asset class.
Housing sales across the Mumbai Metropolitan Region (MMR) recorded 24,930 units in Q3 2024, slightly lower than Q3 2023. However, the October surge suggests a positive outlook for the ongoing festive quarter (October to December). If the trend continues, this quarter may outperform previous ones, even with elevated pricing.
The alignment of Dussehra and Diwali in October 2024 has significantly boosted property registration. These festivals are considered auspicious for home buying, and in a city where property is a prime investment, buyers timed their purchases accordingly. Unlike previous years when these festivals were celebrated in separate months, their convergence in October 2024 gave an additional boost to real estate activity.
Mumbai’s booming property market is a testament to its status as India’s financial powerhouse. Since 2020, the city has witnessed a 78% increase in the number of millionaires, rising from 217 to 386. This dynamic wealth creation underscores Mumbai’s role as a vibrant engine of economic growth, generating wealth and offering robust opportunities in the real estate sector.
With such achievements, CREDAI-MCHI is optimistic about Mumbai’s future as a real estate giant. The organization will continue advocating for policies that support affordable housing, infrastructure development, and sustainable urban growth. As Diwali 2024 has shown, Mumbai is not just India’s richest city; it’s a symbol of boundless potential. The trends we are witnessing are only the beginning, and CREDAI-MCHI remains committed to fostering growth that aligns with the city’s ambitious goals.
Frequently Asked Questions
What is the significance of Diwali in Mumbai's property market?
Diwali is considered an auspicious time for property purchases in Mumbai. The festive season often sees a surge in property registrations, driven by cultural beliefs and financial incentives.
How much revenue did property registrations generate in October 2024?
Property registrations in October 2024 generated a remarkable ₹1,081 crore in revenue, a 52% leap from Diwali 2023's collection of ₹712 crore.
What is the average property price in Mumbai as of 2024?
The average property price in Mumbai as of 2024 is ₹1.66 crore, marking a significant increase over the years.
How has the number of millionaires in Mumbai changed since 2020?
Since 2020, the number of millionaires in Mumbai has increased by 78%, rising from 217 to 386, highlighting the city's dynamic wealth creation.
What role does CREDAI-MCHI play in Mumbai's real estate sector?
CREDAI-MCHI is committed to fostering growth in Mumbai's real estate sector by advocating for policies that support affordable housing, infrastructure development, and sustainable urban growth.
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