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.
Related News Articles
Apply Now for Law Clerk-Cum-Research Assistant Position at UP-RERA
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is seeking qualified candidates for the position of Law Clerk-Cum-Research Assistant. Applications are due by October 15, 2024.
MPCB Prohibits New Ready-Mix Concrete Plants in MMR to Combat Air Pollution
In response to deteriorating air quality, the Maharashtra Pollution Control Board (MPCB) has issued a ban on the establishment of new ready-mix concrete plants in the Mumbai Metropolitan Region (MMR).
Environmental Clearance Order Puts 200 Mumbai Real Estate Projects on Hold
The environmental clearance order has brought 200 real estate projects in Mumbai to a standstill, leaving developers and buyers in a state of uncertainty. With the real estate market already under pressure, the stakeholders are struggling to navigate the
Panchshil Realty Affiliate Acquires Valuable Land Parcels in Navi Mumbai
Panchshil Realty's affiliate has made a significant investment by acquiring land parcels worth Rs 615 crore in Navi Mumbai. As property prices in the region hover around Rs 20,465 as of December 2024, this move underscores the company's bullish stance on
MahaRERA Enforces Prominent Display of QR Code and Registration Number in Real Estate Ads
MahaRERA, the regulatory authority for the real estate sector in Maharashtra, has mandated that all real estate advertisements prominently display the QR code and registration number. This move aims to enhance transparency and protect potential buyers from fraudulent practices.
REITs and Private Equity Firms Drive Over $1 Billion in Real Estate Deals in Q1 2025
India's real estate sector witnessed a significant boost in the first quarter of 2025, with over $1 billion in high-value transactions spearheaded by REITs and global private equity firms.