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%
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