Mumbai Sees 52 Per Cent Rise In Property Revenue, Reaching Rs. 1,081 Cr This Diwali

With 11,861 property registrations in October 2024, Mumbai's real estate market experienced a significant boom this Diwali, up from 9,736 in the same month last year. The state government has seen a significant boost in revenue as a result of this increase, collecting over Rs 1,081 Cr, which is 52 per cent more than the Rs 712 Cr earned in November 2023.

According to ANAROCK's analysis of data from the Inspector General of Registration, this figure represents the highest recorded as of October 29, 2024. Growing confidence in Mumbai's real estate market is demonstrated by the 22 per cent increase in property registrations over the prior year.

Anuj Puri, Chairman of ANAROCK Group, highlights that “considering that housing sales remained tepid in the third quarter of 2024 across MMR, including Mumbai, the city’s sales in just the first month of the festive quarter is notable. As per 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 to December) could record higher sales than the preceding quarter despite high prices.”

The data shows that this Diwali, the average ticket price for homes has surged to Rs 1.66 Cr, highlighting an increase in the sale of high-ticket properties compared to the previous year’s average. This contrasts sharply with the lowest revenue recorded during the COVID year of 2020 when 9,301 properties were registered at an average price of only Rs 1.03 Cr, according to ANAROCK. This pattern indicates a change in consumer tastes as well as a noticeable market rebound.

Puri also highlights that “A major reason for the rise in property registrations this October could also be that both Dussehra and Diwali are being celebrated in the same month. Last year, Dussehra was in October and Diwali in November. Both these festivals are considered the most auspicious for property buying, and many buyers time their purchases accordingly.”

Property registrations have significantly increased this Diwali, indicating the health of the Mumbai real estate market and a rising demand for expensive purchases. This trend reflects the increased enthusiasm for real estate investments throughout the festive season.