Mumbai's Property Market Surges: 105,608 Registrations in First Nine Months of 2024
Mumbai has witnessed a remarkable surge in property registrations, surpassing the 105,608 mark in the first nine months of 2024, contributing over INR 8,877 crores to the state exchequer.
MumbaiProperty RegistrationsReal EstateKnight Frank IndiaEconomic ProsperityReal Estate MumbaiOct 09, 2024
The sustained momentum in property transactions reflects rising economic prosperity and a growing preference for homeownership among residents. In September 2024, residential units constituted 80% of total registrations, indicating strong housing demand. However, September 2024 saw 9,111 property registrations, a 15% YoY decline, with revenue dropping 22% YoY to INR 877 crores. The decrease is attributed to the 12-day 'Shraadh' period, traditionally seen as inauspicious for significant purchases.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, noted that the city's residential market has maintained its strong momentum, highlighted by the rapid achievement of over 100,000 registrations. Notably, transactions for properties priced at INR 2 crores and above grew by 8% YoY, with this segment comprising 23% of registrations in September, up from 18% the previous year. Conversely, properties valued under INR 50 lakhs saw their share drop from 28% to 17%.
Additionally, apartments between 500 sq ft and 1,000 sq ft accounted for 52% of registrations, while those over 1,000 sq ft increased from 19% in 2023 to 22% in 2024, indicating a shift towards larger living spaces. The share of property registrations in Mumbai's western suburbs remained steady at 57%, while South Mumbai's share rose from 7% to 10%.
In conclusion, despite a temporary dip in September, the overall real estate market in Mumbai is thriving. The record-breaking registrations signal strong buyer confidence, particularly in the premium segment, while the ongoing preference for larger living spaces highlights evolving consumer demands. As the year progresses, this robust market activity is expected to continue, reflecting Mumbai's dynamic real estate landscape.
Frequently Asked Questions
How many property registrations did Mumbai achieve in the first nine months of 2024?
Mumbai achieved over 105,608 property registrations in the first nine months of 2024.
What was the revenue generated from property registrations in Mumbai in the first nine months of 2024?
The revenue generated from property registrations in Mumbai in the first nine months of 2024 was more than INR 8,877 crores.
What is the percentage increase in property registrations in Mumbai compared to the previous year?
Mumbai saw a 12% year-on-year (YoY) growth in property registrations in 2024.
What percentage of property registrations in September 2024 were for residential units?
In September 2024, 80% of property registrations were for residential units.
What is the reason for the decline in property registrations in September 2024?
The decline in property registrations in September 2024 is attributed to the 12-day 'Shraadh' period, traditionally seen as inauspicious for significant purchases.
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