Mumbai Real Estate: Property Registrations Surge To ₹1,081 Crore During Diwali 2024, Marking 52% YoY Growth

Mumbai: Property registrations in Mumbai soared this Diwali season, with the Maharashtra government recording a revenue of Rs 1,081 crore for October 2024—up by a remarkable 52% from last year’s festive month, according to a report by ANAROCK Research. This increase aligns with a 22% rise in total registrations, reaching 11,861 compared to 9,736 in November 2023.

ANAROCK Group Chairman Anuj Puri attributes the surge to the dual celebration of Dussehra and Diwali in October, both seen as prime times for property purchases. “Both festivals are considered highly auspicious, and buyers often wait to time their purchases accordingly,” he explained.

While Mumbai’s housing sales across the Mumbai Metropolitan Region (MMR) had slowed in Q3 2024, with sales down nearly 10% from Q3 2023, the robust start to the festive quarter signals a potential bounce-back. If this trend persists, October-December sales could outshine the previous quarter, despite rising prices. Notably, the average home price reached a new high this month, with properties priced at Rs 1.66 crore, as per ANAROCK’s analysis.

As Diwali draws to a close, the city’s real estate sector celebrates a festive windfall, with industry insiders optimistic about continued growth through year-end.