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.
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