Mumbai's Real Estate Boom: Property Registrations Reach 13-Year High
The city of Mumbai is experiencing a significant surge in property market activity, with a 24% increase in stamp duty collections and a 2% rise in property registrations. High-value transactions, particularly in the premium segment, are driving this robus
MumbaiReal EstateProperty RegistrationsStamp DutyPremium HomesReal EstateDec 31, 2024
This has generated Rs 1,154 crores in revenue for the state exchequer, according to a report by Knight Frank.
Compared to the previous year, there has been a 2% rise in registrations and a 24% increase in stamp duty collections.
The city's property sales for 2024 are projected to reach 141,302 registrations, with revenue peaking at Rs 12,161 crore, marking a 13-year high.
December saw a 23% year-over-year (YoY) increase in property registrations and a 25% boost in stamp duty collections.
Residential properties made up 80% of the registrations, with a particular surge in high-value transactions, especially in properties priced above Rs 2 crore.
Shishir Baijal, Chairman of Knight Frank India, emphasized the robust demand for premium and spacious homes.
He stated that Mumbai's real estate is becoming a prime long-term investment avenue.
A significant shift towards larger apartments has also been observed, indicating a growing preference for more spacious living spaces.
The Western and Central Suburbs of Mumbai accounted for 86% of the market, with the Central Suburbs leading the growth.
This trend underscores the ongoing development and attractiveness of these areas for both buyers and investors.
The real estate sector in Mumbai is a key economic driver, and this boom is expected to continue as the city continues to attract both domestic and international investors.
The government's initiatives to improve infrastructure and ease of doing business are further fueling this growth.
As the market continues to evolve, experts predict that the demand for high-quality, well-located properties will remain strong.
In conclusion, Mumbai's real estate market is witnessing a renaissance, driven by high-value transactions and a growing preference for premium living spaces.
This trend is expected to sustain in the coming years, making Mumbai one of the most promising real estate markets in the country.
Frequently Asked Questions
What was the number of property registrations in Mumbai in December 2024?
Mumbai recorded 12,518 property registrations in December 2024.
How much revenue did the state exchequer generate from property registrations in December 2024?
The state exchequer generated Rs 1,154 crores from property registrations in December 2024.
What was the percentage increase in stamp duty collections compared to the previous year?
There was a 24% increase in stamp duty collections compared to the previous year.
Which segment of the market saw a significant increase in high-value transactions?
The high-value transactions, particularly in properties priced above Rs 2 crore, saw a significant increase in December 2024.
What regions in Mumbai accounted for the majority of the property market?
The Western and Central Suburbs of Mumbai accounted for 86% of the property market, with the Central Suburbs leading the growth.
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