Mumbai Property Registrations Surge During Diwali: Anarock
The Maharashtra State Revenue Department saw a significant boost in property registrations in Mumbai this Diwali, with revenue collected reaching approximately ₹1,081 crore in October 2024 (up to the 29th) according to the Inspector General of Registration (IGR), Maharashtra. This marks a 52% increase from the previous Diwali period in November 2023, when collections were ₹712 crore.
In terms of volume, 11,861 homes were registered in October, reflecting a 22% rise over the 9,736 registrations in November 2023. Anuj Puri, Chairman of ANAROCK Group, notes the increased activity is especially notable given that Q3 2024 had seen a dip in sales, with 24,930 units sold in Mumbai—a 10% drop from Q3 2023. However, Puri anticipates that if the current momentum continues, sales for the festive quarter (October-December) may exceed Q3 levels despite rising property prices.
The convergence of both Dussehra and Diwali in October this year likely fueled this surge, as both festivals are traditionally considered auspicious for property purchases. Additionally, analysis shows the average ticket price of homes this October was ₹1.66 crore, indicating higher sales in premium properties over affordable segments.
