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Diwali betters property sales in Mumbai by 22%
Diwali boosts Mumbai's real estate sales by 22.18% in October 2024, with Maharashtra seeing an 8.20% rise and revenue jumping 44.21% year-on-year.
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MUMBAI: Diwali, the festival of lights, has lit up the real estate industry this October. The industry, which has seen lacklustre sales in Mumbai, experienced a 22.18% rise, and Maharashtra an 8.20% increase in property sales in October, according to data from the Maharashtra government’s department of registration and stamps.
In 2023, Dussehra, Durga Puja and Navratri were observed in October, and Diwali in November. This year, all four festivals fell in the month of October, giving the real-estate sector a chance to better its sales.
In October 2024, a total of 12,960 properties were registered in Mumbai, against 10,607 in October 2023. Higher apartment registrations translates into higher revenue for the state government. In October 2024, the state earned ₹1,204.84 crore, against ₹835.46 crore in October 2023, a jump of 44.21%.
Real estate players such as Rohan Khatau, Director of CCI Projects, and Prashant Sharma, President of industry association National Real Estate Development Council (Maharashtra), are optimistic about improved home buying this Diwali. “The festive season in Maharashtra is a vital period for home buying, embodying deep cultural significance and auspiciousness that inspire families to invest in their future. With attractive offers and a resurgence in consumer confidence, coupled with the importance of home ownership among buyers, we expect to see strong growth in the real estate market,” according to Sharma.
October 2024 also saw an improvement in property sales across Maharashtra, compared to the same period last year. This October, 1,35,490 properties were registered across the state, earning ₹3,342.97 crore for the government. In 2023, a total of 1,25,225 properties were registered, earning the state ₹2,535.74 crore. In terms of registrations, this works out to an 8.20% increase, but a 31.83% increase in revenue.
In September 2024, the sale of residential homes in Mumbai fell significantly, a 14.79% drop compared to September 2023. On October 26, Hindustan Times had also reported that property sales had slowed across the Mumbai Metropolitan Region, during the July-September quarter. Year-on-year, a 6% decline was recorded and an 18% fall in project launches.
