Mumbai Real Estate Market Sees 19% Year-Over-Year Growth in Property Registrations
Property registrations in Mumbai increased by 19% year-over-year in June 2024, with a total of 11,673 registrations reported.
Mumbai Real EstateProperty RegistrationsMaharashtraKnight Frank IndiaResidential UnitsReal Estate MaharashtraJul 31, 2024
In terms of stamp duty collections, the Mumbai real estate market saw a 27% increase to ₹1,055 crore in July 2024, compared to ₹832 crore in the same period last year. In June 2024, the stamp duty collections stood at ₹1,014 crore.
Residential units account for roughly 80% of the total property registrations on a monthly basis in Mumbai. Among these, properties up to 1,000 sqft continue to dominate, with apartments measuring between 500 sqft and 1,000 sqft accounting for 46% of all property registrations in June 2024.
The western and central suburbs of Mumbai account for 73% of the total market share. While the western suburbs saw a decline in property registrations, the central suburbs witnessed a significant increase.
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. The revenue generated from these registrations also saw a 7% increase to ₹6,929 crore.
According to Shishir Baijal, chairman and managing director of 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 year-over-year growth in property registrations in Mumbai in June 2024?
19%
What was the total number of property registrations reported in June 2024 in Mumbai?
11,673
What percentage of property registrations in Mumbai are accounted for by residential units?
80%
What is the dominant segment in terms of property registrations in Mumbai?
Properties up to 1,000 sqft
What is the total revenue generated from property registrations in Mumbai from January to July 2024?
₹6,929 crore
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