Mumbai Real Estate Boom: Property Registrations Surge 11% in June 2024
Mumbai's property market is thriving, with registrations increasing by 11% in June 2024, driven by growing demand for larger apartments.
Mumbai Real EstateProperty RegistrationsStamp Duty CollectionsResidential MarketKnight Frank IndiaReal Estate MumbaiJun 30, 2024
In May 2024, the Mumbai real estate market saw a total of 12,000 property registrations, indicating a strong demand for residential properties. The stamp duty collections from property registrations also witnessed a significant increase of over 15% to ₹986 crore in May 2024, compared to ₹859 crore in June 2023.
The average recorded registrations of 12,044 units in the first six months of 2024 were higher than the twelve-month average of 10,578 units in the first six months of 2023. This suggests that the Mumbai residential market is sustaining its strength, and homebuyers are confident in their purchasing decisions.
An analysis of the data reveals that there was a noticeable increase in the registration of apartments measuring between 500 sqft and 1,000 sqft, which accounted for 46% of all property registrations. In contrast, apartments measuring up to 500 sqft made up 36% of the registrations, down from 41% in June 2023. This indicates a clear inclination towards larger apartments, with the share of units up to 500 sqft witnessing a decline.
Apartments measuring 1,000 sqft and above comprised 15% of the total registrations, according to a report by Knight Frank India. This trend is expected to continue, driven by the growing demand for spacious and luxurious living spaces in Mumbai.
Information Knight Frank India is a leading real estate consultancy firm that provides expert advice and research-based solutions to clients.
Maharashtra Government is the state government of Maharashtra, responsible for governing and managing the state's affairs.
Frequently Asked Questions
What was the year-over-year growth in property registrations in Mumbai in June 2024?
11%
What was the total stamp duty collection in May 2024?
₹1,034 crore
What is the average recorded registrations of units in the first six months of 2024?
12,044 units
What percentage of property registrations were apartments measuring between 500 sqft and 1,000 sqft?
46%
What is the share of apartments measuring 1,000 sqft and above in total registrations?
15%
Tags:
Related News Articles
Massive Infrastructure Delays: 458 Projects Hit by Cost Overrun of Rs 5.71 Lakh Crore in May 2024
India's infrastructure sector is grappling with massive delays, with 458 projects worth Rs 150 crore or more experiencing cost overruns of over Rs 5.71 lakh crore in May 2024.
India's Wealth Creation Hubs: Mumbai, Delhi NCR, and Bengaluru Lead the Way
India is emerging as the real estate capital of Asia, with Mumbai, Delhi NCR, and Bengaluru topping the list of wealth-creating cities, according to the Grohe-Hurun India report.
Breaking Boundaries: Aman Gupta's Vision for Transformative Real Estate
Our portfolio demonstrates our ability to adapt, innovate, and anticipate market trends, positioning RPS Group as a forward-thinking developer...
Bandra Court Denies Police Custody in Saif Ali Khan Stabbing Case
In a significant development, the Bandra Court has remanded the accused in the Saif Ali Khan stabbing case to 14 days of judicial custody while denying further custody to the Mumbai Police. This decision has sparked widespread attention and raised questio
Godrej Properties Drives India's Real Estate Surge
Godrej Properties has set a new benchmark in India's real estate sector by achieving record sales of Rs 28,800 crore in 2024, outpacing its competitors and capitalizing on the robust demand across the country.
Kajol Invests Rs. 29 Crores in Commercial Property in Goregaon: Here’s What You Need to Know
Bollywood actress Kajol has once again grabbed the spotlight with her significant real estate investment, purchasing a commercial property in Mumbai’s Goregaon West for a staggering Rs. 29 crores. This move highlights the growing trend of celebrities inve