Mumbai Property Market Reaches New Heights in 2024, Recording Best-Ever Performance
Mumbai's property market has achieved its best annual performance in 2024, with over 1.41 lakh registrations and a 12% increase in stamp duty collection. The trend is expected to continue in 2025, driven by robust demand for higher-value properties and im
Mumbai Property MarketReal Estate Trends 2024Mumbai Housing DemandHighervalue PropertiesSpacious HomesReal Estate MaharashtraDec 31, 2024
In 2024, the city recorded its best-ever annual performance, with over 1.41 lakh property registrations, surpassing the previous year's record by 11%.
The total stamp duty collection also rose by 12%, reaching over Rs 12,138 crores, as per data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra.
This remarkable performance is attributed to robust demand, steady economic conditions, and increased confidence among homebuyers.
Shishir Baijal, CMD of Knight Frank India, highlighted, “Mumbai’s property market continues to showcase its resilience and adaptability.
The steady rise in registrations and revenue highlights robust demand, especially for premium and spacious homes.
The property registration trend reflects evolved homebuyer preferences for quality and value, making the market a key driver of economic activity and an attractive long-term investment.”
December 2024 alone saw over 12,363 property registrations, contributing Rs 1,131 crore to the state government revenues.
This surge in activity is partly due to the significant infrastructure projects underway in the city, which are reshaping the urban landscape and driving a shift in the property market.
Chintan Sheth, CMD of Sheth Realty, noted, “Infrastructure projects in Mumbai are helping reshape the urban landscape, driving a significant shift in the property market.
These developments are fuelling a surge in realty demand, with homebuyers eager to take advantage of improved connectivity.”
Industry experts remain optimistic about the future.
Deepak Goradia, CMD of Dosti Realty, emphasized, “The outlook for the Mumbai realty market is promising, driven by several factors.
The strategic integration of infrastructure development, coupled with a renewed focus on urban planning, is improving connectivity and liveability.
Additionally, growing demand for well-connected suburban living reflects changing homebuyer preferences.
Together, these elements position the sector for sustained growth, creating a strong foundation for long-term success in the market.”
One notable trend in the market is the steady rise in the registration of higher-value properties.
In December 2024, properties priced at Rs 2 crore and above accounted for 23% of registrations, up from 18% in December 2023.
This segment saw 2,879 transactions, indicating a growing inclination toward premium real estate.
Conversely, the share of properties valued under Rs 50 lakh declined from 30% to 25%, signaling a shift in buyer preferences towards higher-value segments.
The demand for larger homes has also increased.
Apartments ranging from 1,000–2,000 sq ft grew in popularity, with their share rising from 8% to 12%, while the share of those over 2,000 sq ft remained stable at 2%.
Smaller units up to 500 sq ft saw a sharp decline in registrations, falling from 51% to 35%, further highlighting the growing preference for spacious homes.
With the combination of favorable economic conditions, improved infrastructure, and evolving buyer preferences, Mumbai's property market is well-positioned to sustain its growth trajectory into 2025.
Frequently Asked Questions
What is the performance of Mumbai's property market in 2024?
Mumbai's property market recorded its best-ever annual performance in 2024, with over 1.41 lakh property registrations, surpassing the previous year's record by 11%. The total stamp duty collection also increased by 12%, reaching over Rs 12,138 crores.
What are the key factors driving the growth in Mumbai's property market?
The key factors driving the growth in Mumbai's property market include robust demand, steady economic conditions, increased confidence among homebuyers, and significant infrastructure projects that are reshaping the urban landscape and improving connectivity.
How has the trend in property registrations changed in terms of property value and size?
There has been a steady rise in the registration of higher-value properties, with properties priced at Rs 2 crore and above accounting for 23% of registrations in December 2024, up from 18% in December 2023. Smaller units up to 500 sq ft saw a sharp decline in registrations, falling from 51% to 35%, indicating a growing preference for larger, spacious homes.
What is the outlook for the Mumbai property market in 2025?
The outlook for the Mumbai property market in 2025 is promising, driven by strategic infrastructure development, improved urban planning, and changing homebuyer preferences. These factors position the sector for sustained growth and long-term success.
Which segments of the property market are showing the most growth?
The market is witnessing significant growth in the registration of higher-value properties and larger homes. Properties priced at Rs 2 crore and above and apartments ranging from 1,000–2,000 sq ft have seen the most growth in demand.
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