Revenue from Mumbai's property registrations in Oct rises 52%: Report

Mumbai recorded property registration revenue of Rs 1,081 crore in the Diwali month

The Maharashtra government has recorded a revenue of Rs 1,081 crore through property registrations in Mumbai for the Diwali month (till 29th October 2024), up 52 per cent against the festive month of 2023 (November), according to a statement by real estate advisory firm ANAROCK Research.

 

October 2024 saw 11,861 property registrations in Mumbai against 9,736 in November 2023, up 22 per cent, the report stated.

 

According to the data by the Inspector General of Registration (IGR), Maharashtra, the overall revenue collected from property registrations in Mumbai stood at about Rs 712 crore in November 2023.

 

Anuj Puri, chairman of ANAROCK Group, stated that a major reason behind the increase could be that, unlike last year, in 2024, both Dussehra and Diwali are being celebrated in the same month.

   

“Both these festivals are considered the most auspicious for property buying, and many buyers time their purchases accordingly,” he said.

 

“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 are notable. As per ANAROCK Research, back in Q3 2024, 24,930 units were sold in Mumbai—nearly 10 per cent less than the sales in Q3 2023. If the current sales trend continues, the ongoing festive quarter (October-December) could record higher sales than the preceding quarter despite high prices,” Puri said.

 

Additionally, as per ANAROCK’s analysis of the property registration data and demand trends over Diwali months over the last six years, the average ticket price of homes was the highest in October 2024, at Rs 1.66 crore.