Mumbai Realty Market Sees Unprecedented Growth with Over 1 Lakh Registrations in 2024
Mumbai's residential market has sustained strong momentum in 2024, with September marking a key milestone as the city surpassed 100,000 property registrations — the fastest pace in a decade.
Mumbai Real EstateProperty RegistrationsKnight Frank IndiaReloyProptechReal Estate MumbaiOct 02, 2024
According to data from Knight Frank India, the Mumbai municipal region recorded 105,664 property registrations during this period, compared to 94,309 units in the same period last year.
Key highlights
Over 105,664 properties registered in the first nine months of 2024, up 12 per cent year-on-year (Y-o-Y).
State revenue from property sales registrations reached ~8,892 crores, a 6 per cent Y-o-Y increase.
Residential units constituted 80 per cent of total registrations in September 2024.
The sustained momentum in property transactions is attributed to rising economic prosperity and a growing preference for homeownership among Mumbai's residents.
Shishir Baijal, Chairman & Managing Director of Knight Frank India said, “Mumbai's residential market has sustained strong momentum in 2024, with September marking a key milestone as the city surpassed 100,000 property registrations — the fastest pace in a decade.”
A notable trend in 2024 is the increasing demand for high-value properties. In September 2024
Properties priced at Rs 2 crore and above made up 23 per cent of registrations, up from 18 per cent in September 2023
The share of properties valued under Rs 50 lakh dropped from 28 per cent to 17 per cent
The data also reveals a shift towards larger living spaces
Apartments between 500-1,000 sq ft accounted for 52 per cent of all property registrations
The share of apartments 1,000 sq ft and above increased from 19 per cent in 2023 to 22 per cent in 2024
Western and Central suburbs continue to dominate the market, accounting for 83 per cent of total registrations. Interestingly, South Mumbai saw an increase in its market share, rising from 7 per cent in September 2023 to 10 per cent in September 2024.
Despite the overall positive trend, September 2024 saw a 14 per cent Y-o-Y decline in registrations, with revenue falling 21 per cent Y-o-Y to Rs 892 crores. This dip is largely attributed to the inauspicious 'shraadh' period, which lasted 12 days in September 2024.
“We expect this trend to persist, especially with the festive season approaching and the anticipation of an interest rate cut by the RBI in the upcoming monetary policy review. This expectation is further supported by the recent 50 bps rate cut by the Federal Reserve, which has been followed by other countries, fuelling optimism for a similar move in India,” said Akhil Saraf, founder and CEO of proptech firm Reloy.
Information
Knight Frank India is a leading real estate consultancy firm that provides a range of services, including property valuations, research, and advisory.
Frequently Asked Questions
What is the current trend in the Mumbai real estate market?
The Mumbai real estate market is showing remarkable growth, with property registrations rising by 12 per cent year-on-year to cross 1 lakh deals from January to September 2024.
What is the share of high-value properties in the Mumbai real estate market?
Properties priced at Rs 2 crore and above made up 23 per cent of registrations in September 2024, up from 18 per cent in September 2023.
Which suburbs dominate the Mumbai real estate market?
Western and Central suburbs continue to dominate the market, accounting for 83 per cent of total registrations.
What is the expected trend in the Mumbai real estate market in the upcoming festive season?
The trend is expected to persist, especially with the festive season approaching and the anticipation of an interest rate cut by the RBI in the upcoming monetary policy review.
Which proptech firm is quoted in the article?
Reloy is the proptech firm quoted in the article, with its founder and CEO Akhil Saraf providing insights on the Mumbai real estate market.
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