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Diwali Boom: Mumbai’s Property Registration Revenue Soars to INR 1,081 Cr in October 2024, Marking a 52% Surge Over Last Year

As the Diwali season lights up Mumbai, the Maharashtra State Revenue Department is witnessing an unprecedented surge in property registration revenue. With a record-breaking INR 1,081 Cr collected by October 29, 2024, this month has eclipsed the previous year’s festive season revenue by a staggering 52%. The data, shared by the Inspector General of Registration (IGR), Maharashtra, underscores a substantial rise in high-value property transactions this season. ### #

Sharp Increase in Registrations and Revenue

In a month typically associated with auspicious purchases, October 2024 saw 11,861 properties registered in Mumbai—up 22% compared to 9,736 properties registered in November 2023. This boost in activity coincides with both Dussehra and Diwali celebrations occurring within the same month, which many consider ideal times for investments in real estate. Last year, with Diwali falling in November and Dussehra in October, the festive rush was divided, whereas this year’s combined celebrations may have contributed to the increase in registrations.

High-Value Properties Drive Revenue Surge

The average ticket price of homes this Diwali season is at an all-time high of INR 1.66 Cr, significantly above previous years, indicating a stronger demand for high-end properties. In contrast, the Diwali month of November 2020, amid the COVID-19 pandemic, saw a much lower average ticket price of INR 1.03 Cr, even as 9,301 properties were registered that year. This points to the heightened affordability of lower-ticket homes during the pandemic, a trend that has now shifted toward luxury sales.

Historical Perspective: Six-Year Trends in Mumbai’s Diwali Property Sales

Property registration revenue trends over the last six Diwali months reveal how the pandemic era disrupted the usual demand patterns. In November 2020, the state revenue from property registrations plummeted to INR 288 Cr, the lowest in recent history, signaling a temporary dip in high-value property transactions as more affordable homes dominated the market.

In 2022, Diwali sales began to regain momentum, with INR 723 Cr collected in revenue and an average ticket price of INR 1.56 Cr, suggesting a shift back to premium property sales. This upward trend has continued, with October 2024 breaking all previous records for both registration numbers and revenue.

Insights from Industry Leaders

Reflecting on the market’s performance, Anuj Puri, Chairman of ANAROCK Group, observed that Mumbai’s housing market rebounded sharply in October 2024 despite a relatively slow third quarter. According to ANAROCK Research, housing sales in Mumbai Metropolitan Region (MMR) for Q3 2024 were down nearly 10% compared to the same period in 2023, with 24,930 units sold. Puri highlights that the brisk activity seen in the Diwali month suggests a stronger festive quarter for Mumbai’s real estate market.

“If the current trend continues, sales in the October-December quarter may exceed those of Q3 2024, even amidst high property prices,” Puri noted, adding that the simultaneous celebration of Dussehra and Diwali may have amplified the festive buying sentiment.

A Look Ahead: Real Estate Momentum to Sustain in Mumbai

With Diwali setting a new benchmark for property registration revenue, the ongoing quarter promises to sustain this growth trajectory, especially if high-value properties continue to attract buyers. The rise in average ticket prices shows a clear preference for premium homes among Mumbai buyers, further bolstered by the festive season’s cultural and emotional appeal.

Mumbai’s Diwali property market this year is a testament to the city’s resilience and adaptability, showing that even amid broader economic fluctuations, the allure of Mumbai’s real estate endures. The Maharashtra Revenue Department’s record-breaking collection this season could set a new standard for festive property sales, reflecting an optimistic outlook for the months ahead.

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