Mumbai Sees Surge in Property Registrations, Stamp Duty Collections in August 2024
Mumbai records 11,735 property registrations in August 2024, a 16% increase from 2023. Stamp duty collections hit ₹1,072 crore, a 32% rise from last year.
Mumbai Property RegistrationsStamp Duty CollectionsKnight Frank IndiaReal Estate MarketMaharashtra GovernmentReal Estate MaharashtraAug 31, 2024
In July 2024, a total of 12,373 properties were registered in the Mumbai real estate market, with around 80% being in the residential segment. However, there was a 5% drop in property registrations in August 2024 compared to July 2024, owing to the monsoon season.
Stamp duty collections from property registrations in the Mumbai real estate market saw a significant increase of over 32% to ₹1,072 crore in August 2024, compared to ₹810 crore last year during the same period. In July 2024, the stamp duty collections stood at ₹1,064 crore.
Residential units constituted roughly around 80% of the total property registrations in Mumbai, according to Knight Frank India, a real estate consultancy firm. The firm also reported that Mumbai experienced its best eight-month period in 2024, with record property registrations of 96,601, marking a 16% increase from 83,615 registrations in the same period in 2023.
Revenue from stamp duty collections stood at ₹8,010 crore, which was up by 10% from ₹7,262 crore last year. During the same period, Mumbai registered an average of 12,075 properties per month, a 16% increase from 10,452 registrations per month in 2023.
The trend of increase in the registration of apartments measuring between 500 sq ft to 1,000 sq ft continued, accounting for 49% of all property registrations in August 2024. Meanwhile, apartments up to 500 sq ft made up 33% of the registrations, down from 38% in August 2023, indicating a shift towards larger apartments.
The share of property registrations in the western suburbs of Mumbai dropped from 57% in August 2023 to 55% in August 2024. On the other hand, central suburbs maintained a stable share at 28%, with a slight dip from 29% in August 2023. Property registrations in other areas saw a rise, increasing from 7% in 2023 to 9% in 2024.
Frequently Asked Questions
What was the total number of property registrations in Mumbai in August 2024?
11,735
What was the year-on-year increase in property registrations in Mumbai in August 2024?
8%
What was the total stamp duty collections in Mumbai in August 2024?
₹1,072 crore
What percentage of property registrations in Mumbai were in the residential segment?
80%
What was the average number of properties registered per month in Mumbai in 2024?
12,075
Tags:
Related News Articles
New CREDAI Chief Takes Charge, Seeks Redefinition of Affordable Housing
The change of guard ceremony for the new CREDAI chief was held in Gandhinagar, with the Chief Minister and other dignitaries in attendance. The new leader is advocating for a modification in the definition of affordable housing to better serve the needs of the middle class.
India's Booming Fractional Ownership Market: A $5 Billion Opportunity by 2030
Mumbai and Delhi NCR emerge as top hotspots for asset acquisition opportunities under the SM REIT umbrella
Mahindra Lifespace Partners with GKW for 37 Acre Land Development in Bhandup
Situated in Bhandup, one of Mumbai's most dynamic real estate suburbs, the location offers excellent connectivity to commercial hubs and easy access to major transportation networks. Mahindra Lifespace and GKW have joined forces to develop a 37-acre land
Rustomjee Group Launches Belle Vie, a Luxury Plotted Development in Kasara
Rustomjee Group forays into plotted development with the launch of Belle Vie, a premium hilltop residential project in Kasara, offering luxury living amidst nature.
India's Real Estate Market: Luxury Housing Sector Poised for Growth
India's real estate market has shown significant strength in 2024, and the luxury housing sector is expected to see further growth in 2025. This trend is driven by a combination of economic factors, changing consumer preferences, and robust infrastructure
Maharashtra Builders Mandated to Install Waterproof Telecom Centres in Buildings
The Maharashtra government has introduced a new regulation requiring builders to install waterproof telecom centres in all new construction projects. This move aims to enhance the reliability and longevity of communication infrastructure in the state.