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This Diwali season has brought unprecedented revenue for Maharashtra's State Revenue Department as property registration collections in Mumbai hit a record Rs 1,081 crore in October, marking a substantial 52 per cent increase over last year's Diwali month, which saw Rs 712 crore in November 2023.
According to data from the Inspector General of Registration (IGR), Maharashtra, property registrations in Mumbai rose by 22 per cent year-over-year, with 11,861 homes registered in October 2024 (up to the 29th) compared to 9,736 in November 2023. The surge indicates a significant demand for high-ticket properties, with the average ticket price this Diwali reaching an all-time high of Rs 1.66 crore, in contrast to the Rs 1.03 crore average ticket price recorded in the Diwali month of 2020, during the COVID-19 pandemic. Anuj Puri, Chairman - ANAROCK Group, says, "Considering that housing sales remained tepid in the third quarter of 2024 across 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 per cent less than the sales in Q3 2023. If the current sales trend continues, the ongoing festive quarter (Oct.-Dec.) could record higher sales than the preceding quarter despite high prices." He added, "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," says Puri. "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." A six-year analysis of Diwali-month property data reveals a notable trend: while October 2024 saw the highest average ticket price at Rs 1.66 crore, the lowest point came in November 2020, when the COVID-19 crisis brought down the ticket price to Rs 1.03 crore. Despite 9,301 registrations in that month, total revenue collected was the lowest in the last six years at Rs 288 crore, indicating that most properties sold were in the affordable segment. (ANI)
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