Introduction: A Record-Breaking Festive Season for Mumbai Real Estate

MUMBAI: The Mumbai real estate market registered new heights in property registrations and revenue generation during Diwali 2024, marking an unprecedented yearly growth. As per a data prepared by ANAROCK – one of the biggest real estate consultancy, based on information received from Inspector General of Registration & Controller of Stamps of Maharashtra, during the course of 2024, 11,861 houses were registered in October alone — a growth of 21% during the festive period in the same month a year ago (2023). A similar spike was also seen in revenues that grew 52%, at ₹1,081 crore versus ₹712 crore in Diwali 2023.

Mumbai’s Property Registration Milestones in 2024

Mumbai property registrations have crossed the 1.15 lakh mark in the first 10 months of 2024 alone. It was also around this milestone that the total revenue collections came to be somewhere near ₹10,000 crore. These milestones demonstrate the determination and desirability of property in Mumbai, but also prove why its still proved its significantly tough nut to crack even when the economy is suffering and prices are on the fence.

October 2024: A Month of Festive Sales and High Value

An October 2024 will measurably record performance of the real estate market, as Dussehra and Diwali both fall in the month, both of which are very auspicious times for property buying. These festivals were followed by a surge of sales historically, and this year was no exception. A large part of the surge in property registrations that we saw this October could also be attributed to Dussehra and Diwali falling this month offering buyers the potential to time their purchases around it,” said Anuj Puri, Chairman of ANAROCK Group.

Comparison with Previous Years

A look back at property registration trends over the past six Diwali seasons underscores the growth witnessed in 2024:

- 2024: 11,861 registrations (₹1.66 crore average ticket price)

- 2023: 9,736 registrations

- 2022: 8,421 registrations

- 2021: 7,582 registrations

- 2020: 9,301 registrations (average ticket price at ₹1.03 crore during the COVID-19 period)

- 2019: 5,811 registrations

This year’s figures not only outpaced those from the pandemic-affected years but also showcased the highest average ticket price, suggesting increased sales of high-value properties.

High-Value Sales Lead the Way

The analysis revealed that the average ticket price of homes during Diwali 2024 was ₹1.66 crore, the highest recorded in the past six years. This trend indicates a shift in buyer preference towards premium properties as compared to more affordable segments. Such high-value transactions contributed to the substantial revenue gains seen during the festive season.

Factors Driving Growth

Several factors contributed to the robust performance of the Mumbai real estate market:

1. Economic Recovery: As the market recovers from past economic slowdowns, consumer confidence has returned, especially among higher-income buyers.

2. Auspicious Festive Season: The alignment of major festivals in October encouraged more property purchases, capitalizing on cultural beliefs tied to prosperity.

3. Premium Offerings: Developers focused on delivering premium and luxury housing projects, meeting the demand of discerning buyers looking for better amenities and larger living spaces.

4. Convenient Financing Options: Custom payment plans and favorable loan conditions offered by financial institutions made buying high-ticket properties more manageable.

Revenue Collection and Market Growth

The 52% jump in revenue for October 2024 compared to Diwali 2023 exemplifies the increased volume and value of transactions. This surge supports the broader trend of robust real estate performance seen across Mumbai's market this year. The data also pointed out a steady stream of registrations in the months leading up to October, with 11,631 units registered in August and 9,111 in September, further emphasizing the momentum leading into the festive season.

Housing Sales Trends in 2024

Despite a dip in overall sales during Q3 2024, where 24,930 units were sold in Mumbai (down by 10% compared to Q3 2023), the sharp rise in registrations during October suggests that the final quarter could end on a strong note. Anuj Puri highlighted, “If the current sales trend continues, the ongoing festive quarter (October to December) could record higher sales than the preceding quarter despite high prices.”

Future Outlook for Mumbai’s Real Estate Market

With property registrations surpassing 1.15 lakh in the first 10 months and high-value transactions becoming more prevalent, Mumbai's real estate market appears poised for continued growth. The city remains attractive to investors and homeowners alike due to its economic opportunities, infrastructure development, and cultural significance.

Potential Challenges Ahead:

- Affordability Concerns: While the luxury segment thrives, developers must address the gap in affordable housing to ensure market sustainability.

- Economic Fluctuations: Any significant changes in interest rates or economic conditions could impact buyer sentiment.

Opportunities for Growth:

- New Projects: The launch of new residential projects targeting diverse income segments can help maintain sales momentum.

- Enhanced Amenities: Offering modern facilities and sustainable features can attract buyers looking for quality and environmentally conscious living.

Conclusion: Diwali 2024 – A Benchmark Year

Diwali 2024 set a benchmark in Mumbai’s real estate history, not just in terms of property registrations but also through the revenue generated and the average ticket prices seen. This festive season underscored the resilience and allure of the Mumbai real estate market, bolstered by cultural, economic, and market-specific factors.

As we look to the future, the ongoing demand for quality homes, strategic location advantages, and buyer sentiment will continue to shape Mumbai’s real estate landscape.