According to data from real estate firm ANAROCK, property registrations in Mumbai hit an all-time high of 11,861 in October, right before Diwali 2024. This is a 21% jump compared to 9,736 registrations in November of last year, around Diwali 2023. The numbers come from Maharashtra’s Inspector General of Registration and Controller of Stamps and show a significant boost in activity compared to last year.
Revenue From Registration
In terms of revenue, property registrations during October’s Diwali season brought in ₹1,081 crore, a 52% increase from ₹712 crore collected in Diwali 2023. For reference, September 2024 saw 9,111 registrations totaling ₹876 crore, while August recorded 11,631 units. Of all these registrations, about 80% were residential properties, according to market sources.
“Considering that housing sales remained tepid in the third quarter of 2024 across Mumbai Metropolitan Region (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 (October to December) could record higher sales than the preceding quarter despite high prices,” said Anuj Puri, chairman – ANAROCK Group.
“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. 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,” Puri added.
Property trends over the last six Diwali seasons, it’s clear that October 2024 set a new record for average home prices, hitting ₹1.66 crore. On top of that, Mumbai’s property registrations have shot past 1.15 lakh in the first ten months of 2024, bringing in almost ₹10,000 crore in revenue.
Mumbai: Countries Richest City
By a deeper look at the status of house registrations, we can definitely say why Mumbai is the richest city in the country. The amount of spending which is obviously increasing every year is the proof of monetary access the people of Mumbai have. According to reports, Mumbai has emerged as the Billionaire capital with 92 individual billionaires in the state. Mumbai is also home to the richest Indian, Mukesh Ambani. From 2020 to date, Mumbai has recorded an increase in billionaire entries. The count has gone up from 217 to 386 in just four years. This is how Mumbai also becomes the highest contributor of the nation’s GDP, where $310 billion of the total GDP is from Mumbai.
