Mumbai Real Estate Sees 21% Sales Increase During Diwali This Year

Mumbai’s real estate market saw record-breaking activity in October 2024, with 11,861 property registrations during the Diwali season. This marks a 21% jump from the 9,736 units recorded during November 2023’s festive period. Revenue collected through these registrations also saw a 52% increase, rising from INR 712 crore in the previous year to INR 1,081 crore in 2024.

Registrations in the previous months show a steady trend. In September 2024, Mumbai recorded 9,111 property registrations, generating INR 876 crore in revenue. August also saw high activity, with 11,631 properties registered. According to market sources, around 80% of these registrations each month are residential properties.

The festive season has also brought momentum to the market after a weaker third quarter in 2024 for the Mumbai Metropolitan Region (MMR). According to ANAROCK data, Q3 2024 saw 24,930 units sold, which is about 10% less than Q3 2023. The current quarter, however, has shown promising numbers, suggesting that October to December sales could surpass the previous quarter’s figures.

The timing of Diwali and Dussehra in October this year can be considered a factor in the increase in registrations. Both festivals are seen as auspicious times to make property purchases, and many buyers choose to invest during these months. Last year, Diwali fell in November, while Dussehra was in October.

According to ANAROCK, this year’s Diwali period has seen the highest property registrations in six years, with 11,861 units recorded. Previous years’ records show a steady rise, with 9,736 units in 2023, 8,421 in 2022, and 7,582 in 2021. Data indicates that October 2024 had the highest average ticket price, reaching INR 1.66 crore, reflecting a demand for high-end properties. This contrasts with November 2020, when average prices dropped to INR 1.03 crore during the pandemic despite 9,301 registrations.

For the first 10 months of 2024, Mumbai has exceeded 1.15 lakh property registrations, contributing nearly INR 10,000 crore in revenue. This strong year-to-date performance indicates sustained demand and revenue generation in the Mumbai real estate market.