Mumbai's Real Estate Market Defies Odds, Witnesses Best-Ever July Performance
The country's commercial capital witnessed a record-breaking July with over 12,129 property registrations, up 19% from a year ago, driven by brisk sales activity and high demand.
Mumbai Property MarketReal EstateProperty RegistrationsStamp DutyHomeownershipInfrastructure ProjectsReal Estate MaharashtraJul 31, 2024
The steady growth in property registrations in Mumbai during the first seven months of 2024 highlights the city's strong and resilient real estate market. This growth has translated into higher sales volumes, with consistent monthly registrations exceeding 10,000 units, resulting in a significant boost in state revenue. Despite higher property prices, buyer confidence remains high, driven by economic prosperity and a growing preference for homeownership.
The surge in Mumbai property transactions is due to economic prosperity and a growing preference for homeownership. In July 2024, residential units made up 80% of total registrations, underscoring strong housing demand. Market sentiment is positive, and we expect numbers to continue climbing in the coming months capturing the upbeat sentiment in the festive season. Infrastructure projects in Mumbai are transforming the city's landscape and the same is reflected in the property market activity.
Interestingly, July saw a rise in registrations for apartments between 500 and 1,000 sq ft, making up 49% of total registrations. Meanwhile, apartments up to 500 sq ft accounted for 33%, down from 38% in July 2023, indicating a shift towards larger units. There is resilience in demand for bigger and better homes across the financial capital as the redefined connectivity network is driving the micro markets to their utmost potential.
Sustained homebuyer confidence has driven property registrations to consistently exceed the 10,000-mark for the first seven months of the year. Notably, the market has experienced continuous on-year growth in registrations for 12 successive months since August 2023. With this, Mumbai has experienced its best seven-month period, with record property registrations and revenue collections from January to July this year.
Knight Frank India is a leading real estate consultancy firm that provides comprehensive services to developers, investors, and homebuyers.
Sheth Realty is a prominent real estate developer in Mumbai, known for its luxury residential projects.
Ajmera Realty is a renowned real estate developer in Mumbai, specializing in residential and commercial projects.
Frequently Asked Questions
What is the percentage increase in property registrations in Mumbai in July 2024 compared to last year?
19%
What is the total revenue generated by the state exchequer through stamp duty collection in July 2024?
Over Rs 1,047 crore
What is the percentage of total registrations made up by residential units in July 2024?
80%
What is the average monthly revenue generated by stamp duty collection in 2024?
Rs 987 crore
What is the age group of the majority of property buyers in Mumbai?
Millennials, aged 28-43
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