E-Paper
Mumbai real estate sees 21% spike in registrations, 11,861 properties registered in October 2024
Property registrations in the Mumbai real estate market have crossed the 1.15 lakh mark in the first 10 months of 2024, an analysis showed.
Mumbai real estate market reported a record 11,861 property registrations in the month of Diwali 2024, an almost 21% spike compared to 9,736 units registered in the festive month of November 2023, according to data sourced from the Inspector General of Registration and Controller of Stamps of Maharashtra collated by ANAROCK, a real estate consultancy firm.
The revenue collected from property registrations during Diwali 2024 in October grew by 52% to ₹1,081 crore compared to ₹712 crore during Diwali 2023, the data showed.
As many as 9,111 units were registered in September 2024 along with a revenue collection of ₹876 crore, according to the data. In August this year, the registration of properties stood at 11,631 units.
Of the total properties registered in Mumbai on a monthly basis, residential units constitute roughly around 80%, 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.
According to ANAROCK’s analysis of property registrations during the Diwali month in the last six years, 2024 had the highest 11,861 property registrations. In 2023, 9,736 properties were registered during Diwali month of November followed by 8,421 in 2022;7,582 in 2021; 9,301 in 2020 and 5,811 in 2019.
Average price of housing unit in Mumbai highest during Diwali 2024
Further analysis of the property registrations data and demand trends during Diwali months over the last six years show that the average ticket price of homes was highest this October 2024, at ₹1.66 crore. This denotes maximum sales of high-ticket price homes in comparison to more affordable ones.
Back in the Diwali month of November 2020, the COVID-19 epidemic had brought the average ticket price to the lowest at ₹1.03 crore, even when 9,301 properties were registered.
Property registrations cross the 1.15 lakh mark in Mumbai in first 10 months of 2024
Property registrations in the Mumbai real estate market have crossed the 1.15 lakh mark in the first 10 months of 2024 followed by revenue collections touching close to ₹10,000 crore.
