Mumbai Sees 52% Jump in Property Registration Revenue in October: Report
Mumbai witnessed a significant 52% rise in property registration revenue, reaching Rs 1081 crore in the Diwali month, according to a report by ANAROCK Research.
Mumbai PropertyDiwali SalesProperty RegistrationReal EstateAnarock ResearchReal Estate MumbaiOct 30, 2024
October 2024 saw 11,861 property registrations in Mumbai against 9,736 in November 2023, marking a 22 per cent increase, the report stated. According to the data by the Inspector General of Registration (IGR), Maharashtra, the overall revenue collected from property registrations in Mumbai stood at about Rs 712 crore in November 2023.
Anuj Puri, chairman of ANAROCK Group, highlighted that a significant reason for this increase could be the alignment of both Dussehra and Diwali in the same month this year. “Both these festivals are considered the most auspicious for property buying, and many buyers time their purchases accordingly,” he explained.
Considering the tepid housing sales in the third quarter of 2024 across MMR, including Mumbai, the city's sales in just the first month of the festive quarter are noteworthy. According to ANAROCK Research, back in Q3 2024, 24,930 units were sold in Mumbai—nearly 10 per cent less than the sales in Q3 2023. If the current sales trend continues, the ongoing festive quarter (October-December) could record higher sales than the preceding quarter despite high prices, Puri added.
Additionally, ANAROCK’s analysis of property registration data and demand trends over Diwali months over the last six years revealed that the average ticket price of homes was the highest in October 2024, at Rs 1.66 crore.
ANAROCK Research is a leading real estate advisory firm that provides comprehensive and data-driven insights into the real estate market. With a focus on detailed market analysis, ANAROCK Research helps stakeholders make informed decisions and capitalize on market opportunities.
Frequently Asked Questions
What is the increase in property registration revenue in Mumbai for October 2024 compared to November 2023?
The property registration revenue in Mumbai for October 2024 increased by 52% compared to November 2023.
How many property registrations were recorded in Mumbai in October 2024?
Mumbai recorded 11,861 property registrations in October 2024.
What is the average ticket price of homes in Mumbai in October 2024?
The average ticket price of homes in Mumbai in October 2024 was Rs 1.66 crore.
Which festivals are considered auspicious for property buying in Mumbai?
Dussehra and Diwali are considered the most auspicious festivals for property buying in Mumbai.
What is ANAROCK Research's forecast for the festive quarter (October-December) in terms of property sales?
ANAROCK Research forecasts that the ongoing festive quarter (October-December) could record higher sales than the preceding quarter despite high prices.
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