Mumbai Real Estate Market Sees Significant Growth in 2024 with 1.41 Lakh Registrations
Mumbai's real estate market is on track to register 1,41,302 property registrations in 2024, marking an 11% increase from the previous year. The market is showing resilience and a growing preference for premium and spacious homes.
Mumbai Real EstateProperty RegistrationsStamp DutyReal Estate ConsultancyPremium HomesReal Estate MaharashtraDec 31, 2024
The revenue generated from property registrations, mainly through stamp duty, has also seen a significant boost, rising to ₹12,161 crore, a 12% increase from ₹10,871 crore in 2023.
According to Knight Frank India, a leading real estate consultancy, residential units make up 80% of the total registrations, while non-residential assets account for the remaining 20%.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented on the market's resilience and adaptability.
Frequently Asked Questions
How many property registrations are expected in Mumbai in 2024?
Mumbai is projected to register 1,41,302 property registrations in 2024, marking an 11% increase from the previous year.
What is the revenue generated from property registrations in 2024?
The revenue generated from property registrations in 2024 is ₹12,161 crore, a 12% increase from ₹10,871 crore in 2023.
What percentage of property registrations are residential units?
Residential units constitute 80% of the total property registrations in Mumbai, while non-residential assets account for the remaining 20%.
Which segment of the market is showing the most growth in 2024?
Properties priced at ₹2 crore and above are showing significant growth, accounting for 23% of registrations in December 2024, up from 18% in December 2023.
Which areas in Mumbai are experiencing the highest growth in property registrations?
The central suburbs of Mumbai experienced the most significant growth, increasing their share from 29% to 33% of the total market, while the western suburbs saw a slight decline from 57% to 53%.
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