Mumbai's Property Market Sees Highest June Registrations in Over a Decade
Mumbai's real estate market witnessed a surge in property registrations in June, with a 12.11% year-over-year growth, marking the highest June registrations in over 12 years.
Mumbai Real EstateProperty RegistrationsKnight Frank IndiaAjmera Realty And Infra India LtdResidential MarketStamp Duty CollectionsReal Estate NewsJun 29, 2024
The stamp duty collections for June 2024 have also seen a significant rise, increasing by 16.65% to ₹1,001.5 crore, compared to ₹858.5 crore in the same month last year. In May 2024, stamp collections were at ₹1,034.2 crore.
The real estate market in Mumbai saw a total of 12,000 property registrations in May, with 80% of them being residential units. This indicates a strong demand for housing in the city.
According to a report by Knight Frank India, the average recorded registrations of 12,044 units in the first six months of 2024 were higher than the twelve-month average of 10,578 units in the first six months of 2023. This suggests that Mumbai's residential market strength is sustaining, and homebuyers are confident in their purchases.
The report also highlights that properties measuring between 500 sqft and 1,000 sqft led the registrations, accounting for 46% of the total registrations in June 2024. Apartments measuring up to 500 sqft accounted for 36% of the total registrations, which fell from 41% in June 2023. This indicates a shift towards larger apartments, with the decline of the up to 500 sqft category.
Real estate developers are optimistic about the registration data and the property market in Mumbai. According to Dhaval Ajmera, Director of Ajmera Realty and Infra India Ltd, the connectivity boost across the city and the redevelopment boom are contributing factors to the upward trajectory of housing demand.
Information
Knight Frank India is a leading international property consultant that provides a comprehensive range of real estate services. Ajmera Realty and Infra India Ltd is a prominent real estate developer in Mumbai.
Knight Frank India is a leading international property consultant that provides a comprehensive range of real estate services. Ajmera Realty and Infra India Ltd is a prominent real estate developer in Mumbai.
Frequently Asked Questions
What was the year-over-year growth in property registrations in Mumbai in June 2024?
The year-over-year growth in property registrations in Mumbai in June 2024 was 12.11%.
What was the total number of property registrations in Mumbai in May 2024?
The total number of property registrations in Mumbai in May 2024 was 12,000.
What percentage of properties registered in Mumbai in June 2024 were residential units?
80% of properties registered in Mumbai in June 2024 were residential units.
What was the average government revenue collection in the first six months of 2024?
The average government revenue collection in the first six months of 2024 was ₹974 crore.
What is the main reason behind the upward trajectory of housing demand in Mumbai?
The connectivity boost across the city and the redevelopment boom are contributing factors to the upward trajectory of housing demand in Mumbai.
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