Mumbai’s real estate market reported a record 11,861 property registrations during the month of Diwali 2024, up almost 21% from the 9,736 units registered during the festive month of November 2023, according to the data from the Inspector General of Registration and Controller of Stamps of Maharashtra collated by ANAROCK, a real estate consultancy firm.

Revenue generated from property registrations during Diwali 2024 in October increased by 52% to ₹1,081 crores as compared to ₹712 crore during Diwali 2023, according to the data.

As many as 9,111 units were registered in September 2024, along with a revenue collection of ₹876 crore, according to the data. In August this year, property registrations stood at 11,631 units.

Of the total properties registered in Mumbai on a monthly basis, residential units account for around 80%, according to market sources.

“Considering that housing sales remained tepid in the third quarter of 2024 in the Mumbai Metropolitan Region (MMR), including Mumbai, the city’s sales in just the first month of the festive quarter are remarkable. According to the ANAROCK study, in the third quarter of 2024, 24,930 units were sold in Mumbai, which is almost 10% lower than the sales of the third quarter of 2023. If the current sales trend continues, the current festive quarter ( October to December) could record higher sales than the previous quarter despite high prices,” said Anuj Puri, President – ​​ANAROCK Group.

Read also: Mumbai reports 14% drop in property registrations in September due to Shraadh period and stamp duty collections down 21%

“A major reason for the increase in property registrations in October could also be that Dussehra and Diwali are celebrated in the same month. Last year, Dussehra was in October and Diwali in November. These two festivals are considered the most auspicious for property purchase and many buyers plan their purchases accordingly,” Puri added.

According to ANAROCK’s analysis of property registrations during the month of Diwali over the last six years, 2024 recorded the highest number of property registrations, 11,861. In 2023, 9,736 properties were registered during the November month of Diwali, followed by 8,421 in 2022; 7,582 in 2021; 9,301 in 2020 and 5,811 in 2019.

Average house price in Mumbai highest during Diwali 2024

Further analysis of property registration data and demand trends during the Diwali months over the past six years shows that the average house price was highest in October 2024, at ₹1.66 crore. This denotes peak sales of high-priced homes compared to more affordable homes.

Read also: Festive season 2024: Mumbai real estate market reports 10% drop in property registrations during Ganesh festival

During the month of Diwali in November 2020, the COVID-19 outbreak had brought down the average ticket price to the lowest level. ₹1.03 crore, even when 9,301 properties were registered.

Read also: Ganesh Chaturthi 2024: Buy now, pay later scheme takes center stage this festive season in Mumbai real estate market

Property registrations cross 1.15 lakh mark in Mumbai in first 10 months of 2024

Property registrations in the Mumbai real estate market crossed the 1.15 lakh mark in the first 10 months of 2024, followed by revenue collections approaching nearly ₹10,000 billion.

Read also: Diwali 2024: Bengaluru real estate developers gear up to launch new projects; offers and discounts take second place