Mumbai Sees Record Property Registration Revenue During Diwali Boom

The Maharashtra State Revenue Department is celebrating a significant boost in property registrations this Diwali season, with October 2024 reporting an impressive revenue collection of approximately INR 1,081 crore. This figure marks a remarkable 52% increase compared to INR 712 crore generated during the Diwali period in November 2023.

A total of 11,861 properties were registered in Mumbai during October, reflecting a 22% rise from the 9,736 registrations in the same month last year. This surge is noteworthy, especially given the subdued housing sales seen in the third quarter of 2024 across the Mumbai Metropolitan Region (MMR). According to ANAROCK Research, Mumbai recorded 24,930 unit sales in Q3 2024—nearly 10% less than the previous year. If the current trend continues, the festive quarter (October to December) could surpass sales from the preceding quarter, despite rising prices.

Anuj Puri, Chairman of ANAROCK Group, attributed the spike in registrations partly to the overlap of Dussehra and Diwali celebrations this year, both considered auspicious for property purchases. Last year, Dussehra was in October and Diwali in November, leading buyers to time their acquisitions accordingly.

The data also reveals that the average ticket price for homes registered this Diwali season reached a new high of INR 1.66 crore, indicating a shift towards higher-priced properties compared to previous years.

Six-Year Diwali Month Trends: Home Registration Numbers in Mumbai

The significant uptick in property registrations not only highlights a robust market recovery but also points towards a trend of higher investment in premium properties, reflecting changing consumer preferences in the real estate sector.

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