Mumbai's Property Registrations See 52% Revenue Growth in October 2024
The Maharashtra government has seen a significant boost in revenue from property registrations in October 2024, recording Rs 1,081 crore. This is a 52% increase compared to November 2023, driven by the auspicious Diwali and Dussehra festivals.
MumbaiProperty RegistrationReal EstateDiwaliMaharashtra GovernmentReal Estate MaharashtraOct 30, 2024
October 2024 saw 11,861 property registrations in Mumbai, a 22% increase from the 9,736 registrations recorded in November 2023. The Inspector General of Registration (IGR), Maharashtra, reported that the overall revenue from property registrations in November 2023 was approximately Rs 712 crore.
Anuj Puri, chairman of ANAROCK Group, attributes this significant growth to the timing of the festivals. Unlike last year, both Dussehra and Diwali are being celebrated in the same month in 2024. “Both these festivals are considered the most auspicious for property buying, and many buyers time their purchases accordingly,” he explained.
Despite the tepid housing sales observed in the third quarter of 2024 across the Metropolitan Mumbai Region (MMR), including Mumbai, the city’s sales in the first month of the festive quarter (October) are noteworthy. According to ANAROCK Research, 24,930 units were sold in Mumbai during Q3 2024, a 10% decrease from sales in Q3 2023. Puri added, “If the current sales trend continues, the ongoing festive quarter (October-December) could record higher sales than the preceding quarter despite high prices.”
ANAROCK’s analysis of property registration data and demand trends over the past six Diwali months reveals that the average ticket price of homes in October 2024 was the highest at Rs 1.66 crore. This indicates a strong market sentiment and a willingness among buyers to invest in high-value properties during the festive season.
The positive trend in property registrations and revenue collection is a clear indication of the robustness of the real estate market in Mumbai, particularly during the festive season. This growth is expected to continue as the festive quarter progresses, driven by strong buyer confidence and favorable market conditions.
Frequently Asked Questions
Why did property registrations in Mumbai see a significant increase in October 2024?
Property registrations in Mumbai saw a significant increase in October 2024 due to the celebration of both Dussehra and Diwali in the same month, which are considered the most auspicious for property buying. Many buyers time their purchases during these festivals.
What was the revenue from property registrations in Mumbai in November 2023?
The revenue from property registrations in Mumbai in November 2023 was approximately Rs 712 crore.
How many property registrations were recorded in October 2024 in Mumbai?
In October 2024, 11,861 property registrations were recorded in Mumbai.
What is the average ticket price of homes in October 2024 in Mumbai?
The average ticket price of homes in October 2024 in Mumbai was the highest at Rs 1.66 crore.
Who is ANAROCK Research and what do they do?
ANAROCK Research is a leading real estate advisory firm that provides comprehensive market analysis and insights. They analyze property registration data and demand trends to offer valuable information to stakeholders in the real estate sector.
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