Diwali Boost: Revenue From Mumbai's Property Registration Jumps 52% In October
The real estate market in Mumbai has seen a significant boom in sales this Diwali, with registration of more than 11,800 properties in October so far.
Revenue from property registration rose 52% in the festive month compared to the year-ago period, according to real estate consultant Anarock Research.
“An analysis of the data of Inspector General of Registration (IGR), Maharashtra, revealed that the overall revenue collected from property registrations in Mumbai stood at approximately Rs 1,081 crore in October 2024 (till 29th),” the Anarock report said. In comparison, the figure for last year's Diwali in November stood at Rs 712 crore, it added.
Mumbai also witnessed a 22% year-on-year jump in property registrations during the month, the report said, citing the data.
In October, as many as 11,861 properties were registered in the city, compared to the 9,736 registrations during the Diwali festive period of 2023, it added.
The average ticket price of homes in Mumbai also stood at a record high at Rs 1.66 crore. Last year, the average ticket price stood at Rs 1.33 crore during the festive month.
Anarock Group Chairman Anuj Puri said that the housing sales in the first month of the festive quarter was quite notable, given that they remained tepid in Mumbai during the year-ago quarter.
In the October-December period of 2023, around 24,930 units were sold in Mumbai, nearly 10% less year-on-year, Puri recalled.
"If the current sales trend continues, the ongoing festive quarter (October–December) could record higher sales than the preceding quarter despite high prices,” he said.
Puri explained that the reason why there was a rise in property registrations in Mumbai was because Dussehra and Diwali are being celebrated in the same month this year.
“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,” he said.
In 2020, the average ticket price per home in Mumbai fell to its lowest to Rs 1.03 crore during the Diwali month of November due to the Covid-19 pandemic. At that time, 9,301 properties were registered.
Six-Year Diwali Month Trends
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
