Diwali boom? Property registration in Mumbai up 22%, revenue up 52% ​​to Rs 1,081 crore

The month of Diwali saw a record 11,861 property registrations in Mumbai, compared to 9,736 for the month of Diwali 2023 of November. This represents an increase of 22 percent compared to last year.

The revenue collected by the Maharashtra government in November 2023 stood at Rs 712 crore, while it stood at Rs 1,081 crore last October, an increase of 52%. According to ANAROCK data, the average house ticket price this Diwali is the highest at Rs 1.66 crore, which is an indication of high-priced houses.

ANAROCK’s analysis has shown that the overall revenue collected by authorities through property registrations in Mumbai is at an all-time high.

“Considering that housing sales remained tepid in Q3 2024 across MMR, including Mumbai, the city’s sales in just the first month of the festive quarter are remarkable. According to ANAROCK Research, in Q3 2024, 24,930 units were sold in Mumbai – almost 10% lower than Q3 2023 sales. If the current sales trend continues, the current festive quarter (October-December) may record higher sales than the previous quarter despite high prices,” said Anuj Puri, President of ANAROCK Group.

Puri said a major reason for the increase in property registrations in October could also be the fact that Dussehra and Diwali are celebrated in the same month. Last year, Diwali took place in November and Dussehra in October. “These two festivals are considered the most conducive for purchasing property and many buyers plan their purchases accordingly,” Puri said.

The average ticket price of Rs 1.66 crore denotes higher sales of high-priced homes compared to more affordable ones. In 2020, the ticket price had fallen to Rs 1.03 crore due to the COVID-19 pandemic.