Mumbai’s Diwali Property Boom: Record Revenue and Sales Surge
This Diwali season has been remarkable for Maharashtra’s State Revenue Department, with property registration collections in Mumbai reaching a record Rs 1,081 crore in October. This marks a 52% increase compared to last year’s Diwali month, which saw Rs 712 crore in November 2023.
Property Registration Surge
According to the Inspector General of Registration (IGR), Maharashtra, property registrations in Mumbai rose by 22% year-over-year. In October 2024, up to the 29th, 11,861 homes were registered, compared to 9,736 in November 2023.
High Demand for Expensive Properties
The average ticket price for properties this Diwali reached an all-time high of Rs 1.66 crore, compared to Rs 1.03 crore during the Diwali month of 2020, amid the COVID-19 pandemic.
Expert Insights
Anuj Puri, Chairman of ANAROCK Group, noted that despite tepid housing sales in the third quarter of 2024 across the Mumbai Metropolitan Region (MMR), the city’s sales in the first month of the festive quarter are significant. ANAROCK Research reported that 24,930 units were sold in Mumbai in Q3 2024, nearly 10% less than in Q3 2023. If the current trend continues, the ongoing festive quarter could surpass the previous quarter’s sales despite high prices.
Puri also mentioned that the rise in property registrations this October could be attributed to both Dussehra and Diwali being celebrated in the same month, unlike last year when Dussehra was in October and Diwali in November. These festivals are considered auspicious for property buying, influencing many buyers’ timing.
Historical Trends
A six-year analysis of Diwali-month property data shows that October 2024 had the highest average ticket price at Rs 1.66 crore, while the lowest was in November 2020, during the COVID-19 crisis, at Rs 1.03 crore. Despite 9,301 registrations that month, total revenue was the lowest in six years at Rs 288 crore, indicating a focus on affordable properties.
Doubts Revealed
Diwali -: Diwali is a popular Hindu festival celebrated in India, known as the Festival of Lights. People light lamps, burst crackers, and celebrate with family and friends.
Property registration -: Property registration is the process of officially recording the ownership of a property, like a house or land, with the government.
Rs 1,081 crore -: Rs 1,081 crore is a large amount of money. In India, ‘Rs’ stands for Rupees, the currency, and ‘crore’ is a term used to denote ten million. So, Rs 1,081 crore means 10,810 million Rupees.
ANAROCK Group -: ANAROCK Group is a real estate services company in India. They help people buy, sell, and manage properties.
Dussehra -: Dussehra is another important Hindu festival in India, celebrating the victory of good over evil. It usually involves processions and the burning of effigies.
COVID-19 -: COVID-19 is a disease caused by the coronavirus, which led to a global pandemic starting in 2019. It affected many aspects of life, including the economy and property sales.