During this Diwali, overall revenue collected by the authorities from property registrations in Mumbai in October (till 29th) is at a record high.
An analysis of the data of Inspector General of Registration (IGR), Maharashtra reveals that the overall revenue collected from property registrations in Mumbai stands at approx. Rs 1,081 Cr in October 2024 (till 29th). This is 52% more than last year’s Diwali period (November 2023) when the revenue collected was just Rs 712 Cr.
In terms of the number of property registrations, 11,861 homes were registered in the city in October (till 29th) against 9,736 in November 2023. This is a 22% jump this Diwali over last year.
Anuj Puri, Chairman – ANAROCK Group, says, “Considering that housing sales remained tepid in the third quarter of 2024 across MMR including Mumbai, the city’s sales in just the first month of the festive quarter is notable. As per ANAROCK Research, back in Q3 2024, 24,930 units were sold in Mumbai – nearly 10% less than the sales in Q3 2023. If the current sales trend continues, the ongoing festive quarter (Oct.-Dec.) could record higher sales than the preceding quarter despite high prices.”
“A major reason for the rise in property registrations this October could also be that both Dussehra and Diwali are being celebrated in the same month,” says Puri. “Last year, Dussehra was in October and Diwali in November. Both these festivals are considered the most auspicious for property buying and many buyers time their purchases accordingly.”
Further analysis of the property registrations data and demand trends over Diwali months over the last six years shows that the average ticket price of homes was highest this October 2024, at Rs 1.66 Cr. This denotes higher sales of high-ticket price homes in comparison to more affordable ones.
Back in the Diwali month of November 2020, the COVID-19 epidemic had brought the ticket price to the lowest at Rs 1.03 Cr, even when 9,301 properties were registered. Interestingly, the total revenue collected by the state department was also the lowest in 6 years – at INR 288 Cr. This implies more sales of lower ticket price homes back then.