Revenue from Property registrations during Diwali 2024 grows by 52% to Rs. 1,081 crore

According to data gathered by the real estate consulting firm ANAROCK from the Inspector General of Registration and Controller of Stamps of Maharashtra, the Mumbai real estate market recorded a record 11,861 property registrations in the month of Diwali 2024, an almost 21% increase over the 9,736 units registered in the festive month of November 2023.

According to the report, 9,111 units were registered in September 2024, and ₹876 crore in revenue was collected. There were 11,631 properties registered in August of this year.

“The largest number of property registrations during the month of Diwali in the previous six years, 11,861, was recorded in 2024, according to ANAROCK’s study. The Diwali month of November in 2023 saw the registration of 9,736 properties; 8,421 in 2022; 7,582 in 2021; 9,301 in 2020; and 5,811 in 2019.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,” says Anuj Puri, chairman – ANAROCK Group

“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”, he added.