Mumbai Real Estate Market Sees Unprecedented Growth in July
The country's commercial capital witnesses a 19% increase in property registrations, with over 12,129 units registered in July, generating revenue worth over Rs 1,047 crore through stamp duty collection.
Mumbai Property MarketReal EstateProperty RegistrationsStamp Duty CollectionHomeownershipReal Estate MumbaiJul 31, 2024
The sustained growth in property registrations in Mumbai can be attributed to economic prosperity and a growing preference for homeownership. In July 2024, residential units made up 80% of total registrations, underscoring strong housing demand. The demand for larger homes has also increased, with apartments between 500 and 1,000 sq ft making up 49% of total registrations.
Market experts believe that the surge in Mumbai property transactions is driven by economic prosperity and a growing preference for homeownership. 'Market sentiment is positive, and we expect numbers to continue climbing in the coming months capturing the upbeat sentiment in the festive season. Infrastructure projects in Mumbai are transforming the city's landscape and the same is reflected in the property market activity,' said Chintan Sheth, CMD, Sheth Realty.
The Mumbai real estate market has experienced continuous on-year growth in registrations for 12 successive months since August 2023. During the period, the city recorded 84,653 property registrations, marking a 16% increase from a year ago, and generated 7% higher stamp duty revenue of Rs 6,929 crore. The average monthly revenue also rose 7% to Rs 987 crore in 2024, compared to Rs 922 crore last year.
The majority of property buyers in Mumbai are millennials, aged 28-43, making up a significant portion of the market. Following closely are Generation X buyers, aged 44-59, who also represent a substantial share of the transactions, reflecting the robust property demand and growing interest in homeownership.
Knight Frank India is a leading real estate consultancy firm, providing expert advisory services to clients across the country. Sheth Realty is a prominent real estate developer in Mumbai, known for its innovative and luxurious projects. Ajmera Realty is a renowned real estate developer in Mumbai, with a portfolio of premium residential and commercial projects.
Frequently Asked Questions
What is the growth rate of property registrations in Mumbai in July 2024?
19%
What is the total revenue collected through stamp duty in July 2024?
Rs 1,047 crore
What is the percentage of residential units in total registrations in July 2024?
80%
What is the average monthly revenue generated from stamp duty in 2024?
Rs 987 crore
What is the age group of the majority of property buyers in Mumbai?
Millennials, aged 28-43
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