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.
Tags:
Related News Articles
NBCC India Shares Soar 18% to Record High on Bonus Share Proposal
NBCC India's board to consider bonus share proposal on August 31; stock rises 18% to record high of Rs 209.75
Bhumika Group Appoints New CEO to Drive Growth and Expansion
Bhumika Group, a leading real estate developer in North India, has appointed Siddharth Katyal as its new CEO to drive growth and expansion in Rajasthan and NCR.
India's Data Centre Market Sees Massive USD 60 Billion Investment Between 2019-2024
The Indian data center market has been a hotbed of activity, attracting over USD 60 billion in investment commitments from domestic and international investors between 2019 and 2024.
Ultra-Luxury Home Sales: Hyderabad and Bengaluru Secure Two Deals Each in 2024
Hyderabad and Bengaluru each record only two ultra-luxury home sales, priced over Rs 40 crore, in 2024 amidst a significant surge in luxury property demand.
Bollywood Star Shakti Kapoor Sells Prestigious Juhu Property for Rs 6.11 Crore
Juhu, one of Mumbai's most luxurious and sought-after residential areas, continues to attract significant attention from Bollywood stars. Recently, veteran actor Shakti Kapoor has sold his prime property in Juhu for a hefty Rs 6.11 crore, highlighting the
MahaRERA Mandates Registration Details in Real Estate Advertisements
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has implemented new guidelines requiring developers to include the project's MahaRERA registration number, QR code, and regulator's contact information in all advertisements.