Mumbai Real Estate Sees Massive Property Registration Boost to ₹1,081 Crore During Diwali 2024
Mumbai witnessed a significant surge in property registrations during Diwali 2024, generating ₹1,081 crore in revenue, marking a 52% increase from the same period last year.
Mumbai Real EstateDiwali 2024Property RegistrationsAnarock ResearchMarket TrendsReal Estate NewsOct 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. “These festivals are seen as ideal times for buying property, and many buyers time their purchases to coincide with these celebrations,” Puri explained.
While the housing sales across the Mumbai Metropolitan Region (MMR) had slowed in Q3 2024, with a nearly 10% decline from Q3 2023, the robust start to the festive quarter indicates a potential bounce-back. Industry experts are optimistic that if this trend continues, sales from October to December could surpass the previous quarter, despite rising property prices.
Notably, the average home price reached a new high this month, with properties priced at ₹1.66 crore, as per ANAROCK’s analysis. This price increase reflects the growing demand and the premium value associated with properties in Mumbai.
As Diwali draws to a close, the city’s real estate sector is celebrating a festive windfall. Industry insiders are optimistic about continued growth through the end of the year, driven by the positive momentum generated during the festive season.
ANAROCK Research is a leading real estate advisory and consulting firm that provides comprehensive market insights and analytics to clients in the real estate sector. The firm is known for its in-depth market research and strategic advisory services, helping clients make informed decisions in the dynamic real estate market.
Frequently Asked Questions
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 ₹1,081 crore.
How much did property registrations increase compared to the previous year?
Property registrations increased by 52% compared to the same period last year.
What factors contributed to the surge in property registrations during Diwali 2024?
The surge in property registrations is attributed to the dual celebration of Dussehra and Diwali, which are considered highly auspicious for property purchases.
What is the average home price in Mumbai as of Diwali 2024?
The average home price in Mumbai as of Diwali 2024 reached ₹1.66 crore.
What is ANAROCK Research and what role did it play in analyzing the market trends?
ANAROCK Research is a leading real estate advisory and consulting firm that provided comprehensive market insights and analytics on the property registration trends in Mumbai during Diwali 2024.
Related News Articles
Revolutionizing Cross-Border Real Estate Investing in India
Discover how PropertyPistol is transforming the way Indians invest in cross-border real estate
Booming Real Estate Insurance Market: Trends, Opportunities, and Forecast to 2030
The real estate insurance market is gaining traction worldwide, driven by increasing demand for property protection and risk management. Get insights into the market trends, opportunities, and forecast to 2030.
Prestige Estates to Unlock Rs 5000 Crore by Monetizing Hotel Business
Real estate giant Prestige Estates Projects is set to raise a massive Rs 5000 crore by monetizing its hotel business.
Nexus Select Trust Sees 7% Surge in Net Operating Income to Rs 413 Crore in Q1FY25
Nexus Select Trust's retail real estate assets have a tenant base of over 1,000 domestic and international brands, with a Net Operating Income (NOI) growth of 8% YoY in Q1FY25.
Mayor Orders Investigation into KMC Tax Assessment Scandal
The assessment department is accused of encroaching on a plot within a larger plot and approving a building plan, sparking a probe into alleged fraud in KMC tax assessment.
CIDCO Revokes Allotment of 16 Navi Mumbai Plots Worth ₹2000 Crore: 5 Key Reasons
Mumbai Real Estate Update: The CIDCO, the special planning authority for Navi Mumbai, has cancelled the allotment of 16 plots due to several critical issues, impacting the real estate market significantly.