Mumbai’s real estate market is witnessing extraordinary growth this festive season, which is marked by unprecedented property registrations and revenue collection. According to the Maharashtra State Revenue Department, property registrations in Mumbai have reached a remarkable high for Diwali 2024, driving record revenue collection.
As of October 29, 2024, property registration revenue in Mumbai alone has surged to approximately ₹1,081 crore, marking an all-time high for this period.
Anarock’s latest report shows 11,861 property registrations in Mumbai in October 2024, a 22% increase from 9,736 in 2023, highlighting strong demand and investor confidence. Data from the Inspector General of Registration (IGR), Maharashtra, further highlights this trend, with registration revenue up 52% from last Diwali’s ₹712 crore, an impressive figure even by industry standards.
Deepak Khandelwal, Principal Partner and Chief Sales Officer at Square Yards, highlighted,
“The festive season in India, spanning the third and fourth quarters, traditionally marks a peak period for homebuyer engagement, with many viewing it as an ideal and auspicious time to invest in property. Developers align with this sentiment, launching new projects and offering tailored incentives to meet heightened demand. This year, we’ve seen considerable momentum, with the uptick in October property registrations in Mumbai reflecting this trend.”
The record-breaking Diwali sales suggest a sustained momentum for Mumbai’s real estate market. This surge is due to various factors, including attractive festive offers, favourable market conditions, and increased buyer confidence. As we move into the new year, these positive trends suggest a promising future for Mumbai’s real estate market.
Read more through the links below to uncover the key trends and market leaders driving this growth:
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Published Date: 31 Oct, 2024
