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
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