Mumbai's Property Market Soars with Record-Breaking Registrations in June 2024
Strong buyer confidence in Mumbai's real estate market has led to a significant surge in property registrations, with June 2024 seeing the highest number of registrations in 12 years.
MumbaiPropertyReal EstateHomebuyersKnight Frank IndiaReal Estate MumbaiJul 03, 2024
The market has seen consistent yearly growth in registrations for eleven months since August 2023, with strong buyer confidence keeping property sales above the 10,000 mark in the first half of the year. The average number of registrations in H1 2024 stood above the 12-month average of 2023, indicating the sustenance of Mumbai's residential market strength and confidence of homebuyers.
The rise in revenue can be credited to several contributing factors, such as the higher volume and value of properties being registered. Additionally, the average government revenue collection in the first six months of 2024 was 8% higher than the average of Rs 906 crores witnessed in CY 2023.\n\nAccording to Shishir Baijal, Chairman & Managing Director, Knight Frank India,
Frequently Asked Questions
What was the total number of property registrations in June 2024?
Approximately 11,443 property registrations were recorded in June 2024.
What was the year-on-year growth in property registrations in June 2024?
Property registrations saw an 11% year-on-year increase in June 2024.
What was the average number of registrations in H1 2024?
The average number of registrations in H1 2024 stood above the 12-month average of 2023, with 12,044 units recorded.
What was the share of western suburbs in the total market share in June 2024?
The share of western suburbs fell from 58% in June 2023 to 49% in June 2024.
What was the revenue collection from property registrations in the first six months of 2024?
The average government revenue collection in the first six months of 2024 was Rs 974 crore, 8% higher than the average of Rs 906 crores witnessed in CY 2023.
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