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
Tags:
Related News Articles
Mumbai Metro Line 11 Geotechnical Survey Progresses
Mumbai Metro Line 11 Geotechnical Survey Progresses - Construction World
Mumbai Witnesses 12% Surge in Property Registrations in January
The property registrations in Mumbai surged by 12% in January, reaching a total of 12,418 units, as reported by real estate consultant Knight Frank India.
Gold and Silver Prices Surge in Mumbai: 24k Gold Rate Reaches ₹89,550 - March 18
On March 18, 24k gold rates in Mumbai soared to ₹89,550 per 10 grams, marking a significant increase. Silver prices also saw a notable rise, reflecting the growing demand for precious metals in the financial market.
Pharma CEO Acquires Luxury Apartments in South Mumbai for Over ₹72 Crore
In a significant real estate move, the CEO of pharmaceutical firm Althera has purchased three luxury apartments in South Mumbai's prestigious Raheja Modern Vivarea.
Local Real Estate Firm Supports Cricket League in Mancherial
Mancherial: Anjaniputra Real Estate Private Limited has generously sponsored the prize money for the 10-day-long Mancherial Premier League (MPL), which concluded successfully on Thursday.
Bollywood Actor Manoj Bajpayee's INR 9 Crore Mahalaxmi Apartment Sale Highlights Mumbai's Thriving Real Estate Market
Mumbai's real estate market has seen over 10,000 property registrations monthly in 2024, with buyers showing strong confidence in premium properties.