Mumbai's Property Market Sees Unprecedented Growth with 8% Surge in August
Mumbai witnessed a significant increase in property registrations, generating over Rs 1,072 crore in stamp duty revenue, with homes accounting for 80% of all registered properties.
Mumbai Property MarketReal EstateKnight FrankProperty RegistrationsStamp Duty RevenueReal Estate MumbaiAug 31, 2024
The city's property market has consistently shown growth, surpassing 10,000 units in the first eight months of the year and marking eleven consecutive months of annual growth since August 2023. During the first eight months of 2024, the city saw its highest period with 96,601 registrations, an increase of 16% from 83,615 in the same eight months last year. The revenue from the transactions also went up 10% to Rs 8,010 crore.
Transactions of properties valued at Rs 2 crore and above surged by 77% year-over-year, amounting to 2,699 units. Their market share has increased from 14% in August 2023 to 23% in August 2024. Conversely, properties priced below Rs 50 lakh saw their market share drop from 44% to 21% during the same period.
Shishir Baijal, Chairman and MD of Knight Frank India, noted that the city's residential market has shown strong momentum in 2024, with August seeing the highest revenue growth ever. A positive economic outlook and stable interest rates have supported these steady sales.
In August 2024, the market shifted towards larger apartments, with those between 500 sq ft. and 1,000 sq ft. making up 49% of registrations, up from 47% a year earlier. Meanwhile, apartments up to 500 sq ft. decreased from 38% to 33%.
Western and central suburbs continue to dominate the property market in the city, accounting for as much as 83% of registrations. Western Suburbs share fell from 57 percent to 55%, while Central Suburbs maintained their share at 28%. Registrations in Central and South Mumbai increased, contributing to a more diversified market.
About Knight Frank India Knight Frank India is a leading international property consultancy that provides a comprehensive range of services across various sectors, including residential, commercial, and industrial.
Knight Frank is a global real estate consultancy that has been a major player in the Indian market for over two decades. With a strong presence in major cities across the country, the company provides expert advice on all aspects of property, from sales and leasing to valuation and consultancy.
Frequently Asked Questions
What was the increase in property registrations in Mumbai in August 2024?
8% increase in registrations and a 32% rise in revenue year-over-year.
What is the market share of properties valued at Rs 2 crore and above in August 2024?
23% of the market share, up from 14% in August 2023.
What is the dominant area in Mumbai's property market?
Western and central suburbs, accounting for as much as 83% of registrations.
What is the trend in apartment sizes in Mumbai's property market?
The market shifted towards larger apartments, with those between 500 sq ft. and 1,000 sq ft. making up 49% of registrations.
Who is the Chairman and MD of Knight Frank India?
Shishir Baijal.
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