Mumbai Sees 16% YoY Rise in Property Registrations, Boosted by Economic Growth
Mumbai city witnessed significant growth in July 2024, with 12,160 property registrations contributing over INR 1,055 cr to the state exchequer.
Mumbai Property MarketReal EstateProperty RegistrationsEconomic GrowthHomeownershipReal Estate MumbaiAug 02, 2024
The sustained buyer confidence has resulted in consistent sales, with the first seven months of the year marking eleven consecutive months of annual growth since August 2023.The rise in property transactions can be attributed to the city's economic prosperity and an increasing preference for homeownership among Mumbai residents.
In July 2024, residential units constituted 80% of total registrations, highlighting strong housing demand in the city. Mumbai experienced its best seven-month period, with record property registrations and revenue collections from January to July 2024.
During the same period, Mumbai recorded 84,653 property registrations, marking a 16% increase from 72,713 registrations in the same period in 2023, and generated INR 6,929 cr in revenue, up by 7% from INR 6,452 crore last year. Average monthly revenue rose 7% to INR 987 crore in 2024, compared to INR 922 cr last year.
In July 2024, there was a noticeable increase in the registration of apartments measuring between 500 sq ft and 1,000 sq ft, accounting for 49% of all property registrations. Meanwhile, apartments up to 500 sq ft made up 33% of the registrations, down from 38% in July 2023, indicating a shift towards larger apartments. The share of property registrations in the western suburbs dropped from 57% in July 2023 to 50% in July 2024. Meanwhile, the central suburbs saw a significant increase, rising from 29% in July 2023 to 41% in July 2024.
Mumbai's real estate market is expected to continue its growth trajectory, driven by economic growth, improved infrastructure, and a preference for homeownership.
Frequently Asked Questions
What was the total number of property registrations in Mumbai in July 2024?
12,160
What was the year-on-year increase in property registrations in Mumbai in July 2024?
19%
What was the share of residential units in total property registrations in Mumbai in July 2024?
80%
What was the average monthly revenue generated from property registrations in Mumbai in 2024?
INR 987 crore
What was the shift observed in the size of apartments being registered in Mumbai in July 2024?
A shift towards larger apartments, with apartments between 500 sq ft and 1,000 sq ft making up 49% of all registrations
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