Mumbai Property Market: 5% Increase in Registrations, Premium Housing Gains Traction
Mumbai's property market saw a 5% increase in registrations in November 2024, driven by a strong demand for premium housing and high-value properties priced above ₹2 crore.
Mumbai Real EstateProperty RegistrationsPremium HousingHighvalue PropertiesStamp DutyReal Estate MaharashtraDec 04, 2024
Stamp duty collections in November 2024 surged by 30% compared to the same month last year, reflecting a significant rise in high-value transactions. Properties priced at ₹2 crore and above accounted for 23% of total registrations, up from 17% in November 2023. This segment alone saw 2,147 properties registered, highlighting the growing interest in premium housing.
Conversely, the share of properties priced below ₹50 lakh decreased from 28% to 20%, indicating a shift in buyer preferences. Industry analysts attribute this trend to evolving aspirations, rising incomes, and increasing investor confidence in Mumbai’s real estate ecosystem. The city’s luxury housing market has also been positively impacted by favorable policies and ongoing infrastructure development.
Prashant Sharma, President of NAREDCO Maharashtra, commented, “The 5% year-on-year growth in registrations and the substantial rise in stamp duty collections underscore the strength of Mumbai’s real estate market. The growing demand for premium properties reflects changing buyer priorities and a maturing market. It is crucial to support this momentum with policies that incentivize investments in high-value housing and continue enhancing urban infrastructure.”
Experts suggest that the slight decline in registrations from October to November may be due to the conclusion of a strong festive season and state elections. However, the broader trend of increasing interest in premium properties indicates sustained optimism in the market. This data highlights the dynamic nature of Mumbai’s real estate sector, where high-value properties are increasingly driving growth and reshaping the housing market landscape.
Knight Frank India, a leading global real estate consultancy, provides comprehensive data and insights into the real estate market. Their detailed reports and analyses help stakeholders make informed decisions and navigate the complexities of the housing sector.
NAREDCO Maharashtra, the Maharashtra chapter of the National Real Estate Development Council, is a prominent industry body representing real estate developers and stakeholders. The organization works to promote sustainable development and best practices in the real estate sector, advocating for policies that enhance market stability and growth.
Frequently Asked Questions
What is the percentage increase in property registrations in Mumbai in November 2024 compared to November 2023?
Property registrations in Mumbai increased by 5% in November 2024 compared to November 2023.
How many properties priced at ₹2 crore and above were registered in November 2024?
2,147 properties priced at ₹2 crore and above were registered in November 2024.
What is the main reason for the shift in buyer preferences towards premium housing?
The shift in buyer preferences towards premium housing is attributed to evolving aspirations, rising incomes, and increasing investor confidence in Mumbai’s real estate ecosystem.
What factors contributed to the surge in stamp duty collections in November 2024?
The surge in stamp duty collections is primarily due to the significant rise in high-value transactions, indicating a strong demand for premium properties.
What does the decline in registrations from October to November 2024 suggest?
The decline in registrations from October to November 2024 may be attributed to the conclusion of a strong festive season and state elections, but it does not detract from the overall optimistic trend in the market.
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