Mumbai Property Registrations Skyrocket by 52% in Revenue in Massive Festive Boost

Mumbai:

Driven by an auspicious season for property purchases, Mumbai's property registration revenue surged to new records in October 2024. According to Maharashtra's Inspector General of Registration (IGR), property registration revenue collected in Mumbai reached approximately ₹1,081 crore as of October 29, 2024. This is a 52% increase from the ₹712 crore recorded during Diwali in November 2023.

Demand for Luxury Properties Soars

In the festive month of October, Mumbaikars have shown a strong preference for high-value, luxury properties. Data from Ghar.tv reveals the average home price for this Diwali season stood at ₹1.66 crore, highlighting a clear trend toward premium properties. By contrast, the average price during Diwali in 2020, amid the COVID-19 pandemic, was ₹1.03 crore. With the booming economy, people prefer larger, well-equipped homes. This surge indicates a growing demand for high-priced properties.

Property Registrations See 22% Growth

Ghar.tv reported a record-breaking 11,861 property registrations in Mumbai this Diwali month (October 2024), a notable 22% increase over the 9,736 registrations during last year’s Diwali in November 2023. Reflecting on the sustained momentum, team Ghar mentioned that this trend could see even higher sales in the ongoing festive quarter (October-December), potentially surpassing last quarter’s figures despite high property prices.

Key Insights

Total Revenue: ₹1,081 crore (October 2024)

Year-on-Year Revenue Growth: 52% over November 2023

Average Property Price (Diwali 2024): ₹1.66 crore

Average Property Price (Diwali 2020): ₹1.03 crore

Total Registrations (Diwali 2024): 11,861

Total Registrations (Diwali 2023): 9,736

Year-on-Year Registration Growth: 22%

Market Demand: Strong inclination towards high-ticket, luxury homes