Mumbai's Property Market Reaches 13-Year High in 2024 with Over 1.41 Lakh Registrations
Despite modest growth in property registrations, Mumbai’s real estate market has set a new 13-year high, generating Rs 12,161 crore in revenue. The demand for premium and spacious homes continues to rise, driven by improved infrastructure and economic gro
Mumbai PropertyReal EstateProperty RegistrationsHighvalue TransactionsEconomic GrowthReal Estate MaharashtraDec 31, 2024
This marks a new 13-year high for the city.
According to a report by Knight Frank, property registrations in December 2024 are projected to reach 12,518, generating Rs 1,154 crore in revenue for the state.
Compared to the same period last year, property registrations noted a modest rise of 2%, while stamp duty collections increased by a robust 24% year-on-year (YoY), driven by a notable rise in high-value transactions.
The total number of property sales registrations for the year 2024 is expected to reach 141,302, with revenue generated from property registrations estimated at Rs 12,161 crore.
Both figures represent a new 13-year high.
On a sequential basis (month-on-month), property registrations in December 2024 increased by 23% YoY, while stamp duty collection from property registrations increased by 25% in the same period.
Residential properties accounted for 80% of total registrations in December.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, commented, “Mumbai’s property market continues to showcase its resilience and adaptability.
The steady rise in registrations and revenue highlights robust demand, especially for premium and spacious homes.
In December 2024, Mumbai recorded 12,145 property registrations, reflecting a 23% month-on-month growth.
Registrations for the full year (January to December 2024) remained strong as property registrations grew by 11% YoY, driving the fastest revenue growth in a decade at 12%.
This trend reflects evolved homebuyer preferences for quality and value.
The data also indicates Mumbai’s real estate market as a key driver of economic activity and an attractive long-term investment.”
There is a steady rise in registration for higher-value properties in the city.
In December 2024, properties priced at Rs 2 crore and above accounted for 23% of registrations, up from 18% in December 2023.
Transactions in this segment totalled 2,879 properties, showcasing a growing inclination toward premium real estate.
Conversely, registrations for properties valued under Rs 50 lakh declined significantly, dropping from 30% to 25% share, indicative of a shift in buyer preferences towards higher-value segments.
Apartments measuring 1,000–2,000 sq ft grew in popularity, with their share rising from 8% to 12%, while the share of those over 2,000 sq ft remained stable at 2%.
Smaller units up to 500 sq ft saw a sharp decline in registrations, falling from 51% to 35%, signalling a growing preference for spacious homes.
The Western Suburbs and Central Suburbs continued to dominate, accounting for 86% of the total market share.
However, the Central Suburbs experienced the most significant growth, increasing their share from 29% to 33%, while the Western Suburbs saw a slight decline from 57% to 53%.
This growth reflects a surge in supply and heightened end-user interest in these locations.
Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd, noted, “The major factor influencing this trend has been the stellar infra-connectivity boost that has led to a significant rise in demand for real estate across various pockets, thus opening up ample opportunities for redevelopment.
Along with this, the economic growth has been reflecting in the purchasing power of the masses as homebuyers are aspiring to upgrade their quality of living.
The trends will continue to evolve, and we will see more township developments in the coming year as standalone societies aspire to evolve into township models and avail all-inclusive amenities.”
Amit Jain, Chairman & Managing Director of Arkade Developers, added, “The numbers purely reflect the rise in purchasing power despite tax pressures on home buyers and how real estate, among other physical investment avenues, has been a preferred asset class over the last five years.
We anticipate a similar momentum in 2025 and a complete transition of home buyers to mid-segment and luxury housing.”
These developments underscore the resilience and adaptability of Mumbai’s real estate market, highlighting its importance as a key driver of economic activity and a promising long-term investment.
Frequently Asked Questions
What is the total number of property registrations in Mumbai for 2024?
The total number of property registrations in Mumbai for 2024 is expected to reach 141,302.
How much revenue was generated from property registrations in 2024?
The revenue generated from property registrations in 2024 is estimated at Rs 12,161 crore.
What is the percentage increase in stamp duty collections in 2024 compared to the previous year?
Stamp duty collections increased by 24% year-on-year (YoY) in 2024.
Which segment of the property market saw the most significant growth in 2024?
The segment of properties priced at Rs 2 crore and above saw the most significant growth, accounting for 23% of registrations in December 2024, up from 18% in December 2023.
What are the main factors driving the growth in Mumbai's property market?
The main factors driving the growth in Mumbai's property market include improved infra-connectivity, economic growth, and a shift in homebuyer preferences towards premium and spacious homes.
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