Mumbai's Diwali Delight: Property Registrations Surge 22%, Revenue Rises 52% To Rs 1,081 Crore

In terms of property transactions, there were 11,861 homes registered in the city in Oct 2024, compared to 9,736 in November 2023. This represents a remarkable 22 per cent increase in registrations

A deeper analysis of property registration data and demand trends during Diwali over the past six years reveals that the average ticket price for homes reached its highest point in October 2024

Source : PTI

The Maharashtra State Revenue Department is experiencing a significant boost this Diwali, with property registration revenues in Mumbai reaching a record high. According to an analysis by the Inspector General of Registration (IGR), Maharashtra, the total revenue collected from property registrations in Mumbai for October 2024 (up until the 29th) stands at approximately Rs 1,081 crore. 

This marks an impressive 52 per cent increase compared to the same period last year, when the revenue during the Diwali season in November 2023 was just Rs 712 crore, according a report from the real estate consultant firm ANAROCK.

In terms of property transactions, there were 11,861 homes registered in the city in October 2024, compared to 9,736 in November 2023. This represents a remarkable 22 per cent increase in registrations this Diwali compared to the previous year.

Anuj Puri, Chairman of ANAROCK Group, said, "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% less than the sales in Q3 2023. If the current sales trend continues, the ongoing festive quarter (Oct-Dec) could record higher sales than the preceding quarter despite high prices.”

“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,” Puri added.

A deeper analysis of property registration data and demand trends during Diwali over the past six years reveals that the average ticket price for homes reached its highest point in October 2024, at Rs 1.66 crore. This indicates a surge in sales of high-priced properties compared to more affordable options, states the report.

In stark contrast, during the Diwali month of November 2020, the COVID-19 pandemic had driven the average ticket price down to its lowest at Rs 1.03 crore, despite 9,301 properties being registered. Notably, the total revenue collected by the state department during that period was also the lowest in six years, amounting to just Rs 288 crore. This suggests that the market was predominantly driven by the sale of lower-priced homes at that time.