Mumbai Property Market Sees Robust Growth in July 2024
Mumbai property registrations rise 19% year-on-year in July 2024, with stamp duty collections up 27%.
Mumbai PropertyReal EstateProperty RegistrationsStamp Duty CollectionsMumbai Real Estate MarketReal Estate MumbaiJul 31, 2024
The stamp duty collections from property registrations in July 2024 also saw a substantial increase of 27%, reaching ₹1,055 crore from ₹832 crore last year during the same period. In June 2024, the stamp duty collections stood at ₹1,014 crore.
Residential units, which constitute around 80% of total property registrations, continue to drive the market. Properties up to 1,000 sqft are leading the way in registrations, with a 49% share of all property registrations in July 2024. Apartments measuring between 500 sq ft and 1,000 sq ft accounted for 46% of all property registrations in June 2024, indicating a shift towards larger apartments.
The western suburbs accounted for 50% of the total market share, while the central suburbs saw a significant increase, rising from 29% in July 2023 to 41% in July 2024. From January to July 2024, the city recorded 84,653 property registrations, marking a 16% increase from 72,713 registrations in the same period in 2023, and generated ₹6,929 crore in revenue, up by 7% from ₹6,452 crore last year.
According to Shishir Baijal, chairman and managing director, Knight Frank India, 'The continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai's real estate market. This positive trend is expected to persist, driven by strong GDP growth, rising income levels, and a favorable interest rate environment, creating an encouraging atmosphere for potential buyers.'
Frequently Asked Questions
What was the total number of property registrations in Mumbai in July 2024?
12,160
What was the percentage increase in property registrations in Mumbai in July 2024 compared to the same period last year?
19%
What was the total stamp duty collection in Mumbai in July 2024?
₹1,055 crore
What percentage of property registrations in Mumbai are residential units?
around 80%
What is the dominant segment in Mumbai's property registrations?
Properties up to 1,000 sqft
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