Mumbai Property Registration Revenue Surges 52% YoY to Rs 1,081 Crore This Diwali
According to data from the Inspector General of Registration (IGR), Maharashtra, property registrations in Mumbai witnessed a remarkable 22% year-over-year increase, with 11,861 homes registered in October 2024, compared to 9,736 in November 2023.
Mumbai Property RegistrationDiwali SalesReal Estate MarketInspector General Of RegistrationMaharashtra RevenueReal Estate MaharashtraOct 30, 2024
According to data from the Inspector General of Registration (IGR), Maharashtra, property registrations in Mumbai rose by 22% year-over-year, with 11,861 homes registered in October 2024 (up to the 29th) compared to 9,736 in November 2023. The surge indicates a significant demand for high-ticket properties, with the average ticket price this Diwali reaching an all-time high of Rs 1.66 crore, in contrast to the Rs 1.03 crore average ticket price recorded in the Diwali month of 2020, during the COVID-19 pandemic.
Frequently Asked Questions
What is the percentage increase in property registration revenue in Mumbai this Diwali compared to last year?
The property registration revenue in Mumbai this Diwali increased by 52% compared to last year, reaching Rs 1,081 crore in October 2024, up from Rs 712 crore in November 2023.
How many homes were registered in Mumbai this Diwali compared to last year?
In October 2024, 11,861 homes were registered in Mumbai, compared to 9,736 homes in November 2023, marking a 22% increase year-over-year.
What is the average ticket price for properties registered in Mumbai this Diwali?
The average ticket price for properties registered in Mumbai this Diwali reached an all-time high of Rs 1.66 crore, up from Rs 1.03 crore in the Diwali month of 2020.
How does the trend of property registrations during Diwali compare to other months?
The trend of property registrations during Diwali shows a significant surge, with both Dussehra and Diwali being celebrated in the same month this year, making it particularly auspicious for property buying. This has contributed to the high number of registrations and revenue.
Who is the Inspector General of Registration (IGR), and what is their role in property registration?
The Inspector General of Registration (IGR) is a key government official in Maharashtra responsible for managing and overseeing property registration processes. Their role includes ensuring the legal validity of property transactions and collecting registration fees, which contribute to the state's revenue.
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