Mumbai’s real estate market celebrated an extraordinary Diwali season in 2024, with property registrations and revenue collection reaching record levels, highlighting the ongoing economic recovery and the increased purchasing power of buyers in India’s financial capital. According to data from the Maharashtra Inspector General of Registration (IGR), the revenue collected from property registrations in Mumbai hit approximately ₹1,081 crore in October 2024 (up to October 29), marking a robust 52% increase compared to the ₹712 crore collected in November 2023.
The surge in revenue is complemented by an equally impressive 22% rise in the number of property registrations. By October 29, 2024, 11,861 properties had been registered in Mumbai, a significant increase from the 9,736 properties registered in November last year. This uptick indicates a resurgence in buyer confidence during the festive season, traditionally viewed as an auspicious time for property investments. Both Dussehra and Diwali—highly significant festivals for many Indians—fall in the same month this year, which has further fuelled the demand.
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% 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.” “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 unique aspect of this year’s Diwali surge is the prominence of high-value property transactions. The average ticket price of properties registered in October 2024 stands at ₹1.66 crore, the highest in recent years. This is a marked shift from the Diwali season of November 2020, during the peak of the COVID-19 pandemic, when the average property price had fallen to ₹1.03 crore, largely due to a focus on lower-ticket homes. In contrast, this Diwali season shows a significant preference for high-ticket properties, suggesting that buyers in the premium segment are driving the demand.
The rising demand for premium properties is also attributed to Non-Resident Indians (NRIs) who find the depreciating rupee a favourable factor for investing back home. Major urban centres like Mumbai, Delhi NCR, and Bengaluru are at the forefront of this trend, reflecting strong confidence in India’s real estate market. As the festive quarter progresses, stakeholders will be closely monitoring whether this positive momentum sustains. With steady interest rates on home loans and an array of developer incentives on offer, the current market conditions remain conducive for potential homebuyers. Ultimately, this Diwali boom is more than just a seasonal spike; it is a testament to Mumbai’s enduring appeal in the real estate sector and the resilience of India’s housing market amid evolving economic dynamics.
