Diwali Boost: Revenue From Mumbai's Property Registration Jumps 52% In October

The real estate market in Mumbai has seen a significant boom in sales this Diwali, with registration of more than 11,800 properties in October so far.

Revenue from property registration rose 52% in the festive month compared to the year-ago period, according to real estate consultant Anarock Research.

“An analysis of the data of Inspector General of Registration (IGR), Maharashtra, revealed that the overall revenue collected from property registrations in Mumbai stood at approximately Rs 1,081 crore in October 2024 (till 29th),” the Anarock report said. In comparison, the figure for last year's Diwali in November stood at Rs 712 crore, it added.

Mumbai also witnessed a 22% year-on-year jump in property registrations during the month, the report said, citing the data.

In October, as many as 11,861 properties were registered in the city, compared to the 9,736 registrations during the Diwali festive period of 2023, it added.

The average ticket price of homes in Mumbai also stood at a record high at Rs 1.66 crore. Last year, the average ticket price stood at Rs 1.33 crore during the festive month.

Anarock Group Chairman Anuj Puri said that the housing sales in the first month of the festive quarter was quite notable, given that they remained tepid in Mumbai during the year-ago quarter.

In the October-December period of 2023, around 24,930 units were sold in Mumbai, nearly 10% less year-on-year, Puri recalled.

"If the current sales trend continues, the ongoing festive quarter (October–December) could record higher sales than the preceding quarter despite high prices,” he said.

Puri explained that the reason why there was a rise in property registrations in Mumbai was because Dussehra and Diwali are being celebrated in the same month this year.

“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,” he said.

In 2020, the average ticket price per home in Mumbai fell to its lowest to Rs 1.03 crore during the Diwali month of November due to the Covid-19 pandemic. At that time, 9,301 properties were registered.