Diwali boom? Mumbai property registration up 22%, revenue up 52% at Rs 1,081 crore
Diwali boom: According to ANAROCK data, the average ticket price of homes this Diwali is highest at Rs 1.66 crore, which is an indication of high-ticket priced homes.
- Oct 30, 2024,
- Updated Oct 30, 2024 11:53 AM IST
The Diwali month saw a record 11,861 property registrations in Mumbai, against 9,736 against Diwali 2023 month of November. This marks an increase of 22 per cent over last year.
Revenue collected by the Maharashtra government in November 2023 amounted to Rs 712 crore, while it amounted to Rs 1,081 crore this October, marking an increase of 52 per cent. According to ANAROCK data, the average ticket price of homes this Diwali is highest at Rs 1.66 crore, which is an indication of high-ticket priced homes.
The analysis by ANAROCK showed that the overall revenue collected by the authorities from property registrations in Mumbai is at a record high.
"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,” said Anuj Puri, Chairman, ANAROCK Group.
Puri said a major reason for the rise of property registrations this October could also be the fact that both Dussehra and Diwali are being celebrated in the same month. Last year, Diwali was in November and Dussehra in October. "Both these festivals are considered the most auspicious for property buying and many buyers time their purchases accordingly,” said Puri.
The average ticket price of Rs 1.66 crore denotes higher sales of high-ticket price homes in comparison to more affordable ones. In 2020, the ticket price had dropped to Rs 1.03 crore due to the COVID-19 pandemic.
The Diwali month saw a record 11,861 property registrations in Mumbai, against 9,736 against Diwali 2023 month of November. This marks an increase of 22 per cent over last year.
Revenue collected by the Maharashtra government in November 2023 amounted to Rs 712 crore, while it amounted to Rs 1,081 crore this October, marking an increase of 52 per cent. According to ANAROCK data, the average ticket price of homes this Diwali is highest at Rs 1.66 crore, which is an indication of high-ticket priced homes.
The analysis by ANAROCK showed that the overall revenue collected by the authorities from property registrations in Mumbai is at a record high.
"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,” said Anuj Puri, Chairman, ANAROCK Group.
Puri said a major reason for the rise of property registrations this October could also be the fact that both Dussehra and Diwali are being celebrated in the same month. Last year, Diwali was in November and Dussehra in October. "Both these festivals are considered the most auspicious for property buying and many buyers time their purchases accordingly,” said Puri.
The average ticket price of Rs 1.66 crore denotes higher sales of high-ticket price homes in comparison to more affordable ones. In 2020, the ticket price had dropped to Rs 1.03 crore due to the COVID-19 pandemic.