Mumbai has always stood as the financial heartbeat of India, not just in spirit but in sheer economic impact. The city, home to India’s wealthiest individuals and top-tier corporates, contributes a massive $310 billion to India’s GDP, marking it as the highest national contributor. This staggering contribution is propelled by its ever-rising real estate sector. With over 92 billionaires and a high concentration of millionaires, Mumbai isn’t just a city; it’s a nucleus of financial growth and opportunity. Year after year, its property market has not only sustained but soared to new heights, and Diwali 2024 has seen it achieve yet another record-breaking milestone.
Diwali 2024: Record-Breaking Property Registrations Boost Revenue
As the festive season shines bright, Mumbai’s property market has glowed even brighter. Diwali 2024 witnessed an all-time high in property registrations, with 11,861 units recorded in October alone, marking a 21% increase over the same period last year when 9,736 properties were registered. This surge generated a phenomenal ₹1,081 crore in revenue, a remarkable 52% leap from Diwali 2023’s collection of ₹712 crore.
Breaking down the data reveals that around 80% of the property registrations during Diwali 2024 were residential, signifying Mumbai’s continued appeal as the primary choice for housing investments. September 2024 had recorded 9,111 registrations totaling ₹876 crore, while August saw an impressive 11,631 units sold. This seasonal spike in October underscores how Mumbai’s real estate remains a dynamic force even amid rising property prices.
Mumbai’s Home Prices Set New Record in 2024
In addition to increased registrations, Diwali 2024 also set new benchmarks for home prices. The average property price hit an unprecedented ₹1.66 crore, underscoring the steady rise in Mumbai’s property value over the years. For perspective, the average price growth aligns with the overall increase in Mumbai’s cost of living, which has consistently risen by nearly 8% year-on-year. Notably, Mumbai’s property registrations in 2024 have already crossed 1.15 lakh in the first ten months, pulling in an astounding ₹10,000 crore in revenue.
The property market’s momentum has surged despite challenges in the economy and high property rates, as Mumbaikars have increasingly recognized real estate as a key asset class. Housing sales across the Mumbai Metropolitan Region (MMR) recorded 24,930 units in Q3 2024, slightly lower than Q3 2023, yet the October surge suggests a positive outlook for the ongoing festive quarter (October to December). If the trend continues, this quarter may outperform previous ones, even in light of elevated pricing.
Festivals Spark the Property Boom
The alignment of both Dussehra and Diwali in October this year has fueled the property registration upswing. Both festivals are auspicious for home buying, and in Mumbai, where property is seen as a prime investment, buyers timed their purchases accordingly. In previous years, Dussehra and Diwali were celebrated in separate months, yet their convergence in October 2024 gave an added boost to real estate activity, a trend CREDAI-MCHI anticipates will carry forward in future festive quarters.
Mumbai’s Property Market: A True Economic Engine
Mumbai’s booming property market is a testament to its status as India’s financial powerhouse. According to data, Mumbai’s urban landscape is a lucrative playing field not just for billionaires but also for aspiring investors across income segments. Since 2020, the city has witnessed a nearly 78% increase in the number of millionaires, soaring from 217 to 386. This dynamic wealth creation underscores Mumbai’s role as a vibrant engine of economic growth, generating wealth and offering robust opportunities in the real estate sector.
With such incredible achievements, CREDAI-MCHI is excited about Mumbai’s future as a real estate giant and will continue advocating for policies that support affordable housing, infrastructure development, and sustainable urban growth. As Diwali 2024 has proven, Mumbai is not just India’s richest city; it’s a symbol of boundless potential. The trends we’re witnessing are only the beginning, and CREDAI-MCHI remains committed to fostering growth that aligns with the city’s ambitions and aspirations.
