Mumbai's Real Estate Market on Fire: Records Best-Ever July Performance
Mumbai's property market continues to defy expectations, with July being the best-ever month on record. The city saw over 12,129 property registrations, up 19% from last year.
Mumbai Property MarketReal EstateProperty RegistrationsStamp Duty RevenueKnight Frank IndiaSheth RealtyAjmera RealtyReal Estate NewsJul 31, 2024
According to data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra, Mumbai has continued to set new records in the real estate market, driven by brisk sales activity and high demand, despite higher mortgage rates and a steady rise in property prices.
Industry experts believe that 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.
The surge in Mumbai property transactions is attributed 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 experts 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 this 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.
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. During the period, the city recorded 84,653 property registrations, marking a 16% increase from a year ago, and generated 7% higher stamp duty revenue of Rs 6,929 crore.
Information
Knight Frank India is a leading international property consultancy, providing a comprehensive range of services across various asset classes.
Sheth Realty is a prominent real estate developer in Mumbai, known for its innovative and sustainable projects.
Ajmera Realty is a reputed real estate company in Mumbai, offering a diverse range of residential and commercial properties.
Knight Frank India is a leading international property consultancy, providing a comprehensive range of services across various asset classes.
Sheth Realty is a prominent real estate developer in Mumbai, known for its innovative and sustainable projects.
Ajmera Realty is a reputed real estate company in Mumbai, offering a diverse range of residential and commercial properties.
Frequently Asked Questions
What is the reason behind the surge in Mumbai property transactions?
The surge in Mumbai property transactions is attributed to economic prosperity and a growing preference for homeownership.
What percentage of total registrations were residential units in July 2024?
Residential units made up 80% of total registrations in July 2024, underscoring strong housing demand.
What is the average monthly revenue generated from stamp duty collection in 2024?
The average monthly revenue generated from stamp duty collection in 2024 is Rs 987 crore, a 7% increase from last year.
What is the demographic makeup of property buyers in Mumbai?
The majority of property buyers in Mumbai are millennials, aged 28-43, followed by Generation X buyers, aged 44-59.
How many properties were registered in Mumbai during the first seven months of 2024?
The city recorded 84,653 property registrations during the first seven months of 2024, marking a 16% increase from a year ago.
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