Mumbai Real Estate Soars with Property Registrations Hitting ₹1,081 Crore in Diwali 2024
Property registrations in Mumbai witnessed an impressive surge during the Diwali season, with the Maharashtra government recording a revenue of ₹1,081 crore in October 2024, marking a 52% increase from the previous year.
Mumbai Real EstateProperty RegistrationsDiwali 2024Anarock ResearchFestive SeasonReal Estate MumbaiOct 30, 2024
ANAROCK Group Chairman Anuj Puri attributes this surge to the dual celebration of Dussehra and Diwali in October, which are considered highly auspicious times for property purchases. “Both festivals are seen as favorable for making significant financial decisions, including buying homes,” Puri explained.
While the Mumbai Metropolitan Region (MMR) had experienced a slowdown in housing sales in Q3 2024, with sales down nearly 10% from Q3 2023, the robust start to the festive quarter indicates a potential rebound. If this trend continues, sales in the October-December period could outperform the previous quarter, despite the rising prices.
Notably, the average home price in Mumbai reached a new high this month, with properties priced at ₹1.66 crore, as per ANAROCK’s analysis. This price increase has not deterred buyers, who are leveraging the festive season to secure their dream homes.
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 and the strong performance during the festive season.
Frequently Asked Questions
What is the total revenue from property registrations in Mumbai during Diwali 2024?
The total revenue from property registrations in Mumbai during Diwali 2024 was ₹1,081 crore.
How much of an increase in revenue was recorded compared to last year?
The revenue from property registrations increased by 52% compared to the same period last year.
How many property registrations were recorded in October 2024?
A total of 11,861 property registrations were recorded in October 2024.
What is the average home price in Mumbai as of October 2024?
The average home price in Mumbai as of October 2024 is ₹1.66 crore.
What factors contributed to the surge in property registrations during Diwali 2024?
The surge in property registrations during Diwali 2024 can be attributed to the dual celebration of Dussehra and Diwali, which are considered highly auspicious times for property purchases.
Related News Articles
Ganesh Housing Corporation Reaches All-Time High Stock Price, Soaring 114.74% Yearly
Ganesh Housing Corporation's stock has surged 21.54% over five consecutive days and is currently trading above all major moving averages, marking a significant milestone in its market performance with a 114.74% return over the past year.
Maharashtra Announces 4.39% Increase in RR Rates: Mumbai Witnesses 3.39% Hike
The state of Maharashtra has announced a 4.39% increase in Ready Reckoner (RR) rates, with Mumbai seeing a 3.39% hike. The areas under municipal corporations will experience an average increase of 5.95%. These rates are crucial as they determine the base price for the property market.
Multiple Factors Behind Pune's Deteriorating Air Quality
Pune's air quality has significantly worsened, influenced by a combination of weather patterns, urbanization, and Diwali celebrations. The city's Air Quality Index (AQI) has surpassed recommended thresholds, raising concerns about public health and sustai
Why Navi Mumbai Beats Mumbai for This Medical Couple
Discover the perks of living in Navi Mumbai, from its excellent infrastructure to its uncrowded environment, and why this medical couple won't compromise their lifestyle for more money.
Historic Mumbai Bungalow Linked to Freedom Struggle Sells for Rs 2.76 Billion
A historic bungalow in Mumbai, intricately linked to India's freedom struggle, has been sold for Rs 2.76 billion. The property, located in the heart of the city, has been a symbol of national pride and a significant milestone in the history of real estate
Tax Relief: Capital Gains and Income Tax Rebate Explained
Discover how you can still benefit from a tax rebate even if your capital gains push your total income above Rs 12.75 lakh. Understand the intricacies of the tax system and how it affects your investments.