Mumbai Real Estate: Record Property Registrations during Diwali 2024
Property registrations in Mumbai reached a noteworthy high during the Diwali season, generating Rs 1,081 crore in revenue for October 2024, a 52% increase from the previous year.
Mumbai Real EstateDiwali 2024Property RegistrationsMaharashtra GovernmentAnarock ResearchReal Estate MaharashtraOct 30, 2024
ANAROCK Group Chairman, Anuj Puri, attributes this surge to the dual celebration of Dussehra and Diwali in October. Both festivals are considered highly auspicious for property purchases, and many buyers often time their decisions to coincide with these festive occasions. “The alignment of Dussehra and Diwali in October has definitely played a crucial role in boosting property sales this year,” Puri explained.
Despite a slowdown in housing sales across the Mumbai Metropolitan Region (MMR) in Q3 2024, with sales down by nearly 10% from Q3 2023, the strong start to the festive quarter indicates a potential recovery. If this trend continues, October-December sales could surpass the previous quarter, even with the rise in property prices. Notably, the average home price in October reached a new high of Rs 1.66 crore, as reported by ANAROCK’s analysis.
As the Diwali season concludes, the real estate sector in Mumbai is celebrating a festive windfall. Industry insiders are optimistic about continued growth through the year-end, driven by positive market sentiment and traditional buying patterns. This upward trend is a positive sign for the real estate market, which had been experiencing a slowdown in the preceding months.
ANAROCK Research Overview ANAROCK Research is a leading real estate consultancy firm in India, known for its comprehensive analysis and insights into the property market. The firm provides valuable data and reports that help stakeholders make informed decisions in the real estate sector.
Frequently Asked Questions
What is the significance of Dussehra and Diwali for property purchases in Mumbai?
Dussehra and Diwali are considered highly auspicious times for property purchases in Mumbai. Many buyers time their decisions to coincide with these festivals, believing it brings good luck and prosperity.
What was the total revenue generated from property registrations in Mumbai during Diwali 2024?
The total revenue generated from property registrations in Mumbai during Diwali 2024 was Rs 1,081 crore.
How much did the average home price in Mumbai increase in October 2024?
The average home price in Mumbai reached a new high of Rs 1.66 crore in October 2024.
What was the percentage increase in total property registrations during Diwali 2024 compared to the previous year?
Total property registrations during Diwali 2024 saw a 22% increase compared to the previous year.
What is the role of ANAROCK Research in the real estate market?
ANAROCK Research is a leading real estate consultancy firm that provides comprehensive analysis and insights into the property market, helping stakeholders make informed decisions.
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