Mumbai Real Estate
Mumbai continues to surge in the real estate sector. During this Diwali season, a registration rally took place, showing a 21% increase in registrations compared to the same time last year. In October of last year, there were 9,736 registrations, while this year, that number rose to 11,861. Additionally, the revenue from registrations increased significantly from Rs 712 crores last October to Rs 1,081 crores this October, marking a 52% rise.
In August of this year, 11,631 units were registered, and in September, the figure dropped to 9,111 units. According to Anarock, home sales in the Mumbai Metropolitan Region remained low in the third quarter of 2024, with 24,930 units sold, nearly 10% lower compared to the same period in 2023. However, Anuj Puri, chairman of Anarock, noted that if the current sales trend continues, despite higher prices, more sales are expected in this festive quarter (October to December) than in the previous quarter.
Reviewing property registrations during Diwali over the past six years, 2024 saw the highest number of 11,861 property registrations. In November 2023, 9,736 properties were registered, while in previous years the numbers were 8,421 in 2022, 7,582 in 2021, 9,301 in 2020, and 5,811 in 2019. Analysing the data and demand trends for property registrations during Diwali over the last six years, the average ticket price for homes in October 2024 was Rs 1.66 crore. In November 2020, during the COVID-19 pandemic, 9,301 properties were sold at an average ticket price of Rs 1.03 crores.
In the first 10 months of this year, property registrations in Mumbai exceeded 1.15 lakh units, generating revenue of over Rs 10,000 crore.
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