Mumbai's Realty Market Sees a Surge in August 2024, Contributing ₹1,000 Crore to State Exchequer
The city of Mumbai has recorded approximately 11,735 property registrations in August 2024, contributing over Rs 1,072 crore to the state exchequer, with sustained buyer confidence resulting in consistent sales.
Mumbai Realty MarketProperty RegistrationsState ExchequerKnight Frank IndiaAjmera Realty Infra India LtdArkade DevelopersReal Estate MaharashtraAug 31, 2024
Sustained buyer confidence has resulted in consistent sales, exceeding 10,000 units for the first eight months of the year, marking eleven consecutive months of annual growth since August 2023.
This continued momentum in property transactions is attributed to heightened economic prosperity and a rising preference for homeownership among Mumbai residents. In August 2024, residential units constituted 80% of total registrations, highlighting strong housing demand in the city.
Mumbai experienced its best eight-month period, with record property registrations and revenue collections from January to August, 2024. During this period, the city recorded 96,601 property registrations, marking a 16% increase from 83,615 registrations in the same period in 2023, and generated Rs 8,010 crore in revenue, up by 10% from Rs 7,262 crore last year.
Demand for high ticket sized properties saw a significant increase, with the proportion of properties priced at Rs 2 crore and above rising from 14% in August 2023 to 23% in August 2024. Total transactions in this price bracket surged by 77% year-over-year, reaching 2,699 properties.
Chairman & Managing Director, Knight Frank India, Shishir Baijal said, “Mumbai’s residential market has maintained strong momentum in 2024, with monthly sales showing consistent YoY growth. August stood out, recording the highest growth in revenues compared to the rest of the year. The strong economic outlook and stable interest rates have kept homebuyer sentiments positive, fuelling steady sales.”
In August 2024, there was a noticeable increase in the registration of apartments measuring between 500 sq ft to 1,000 sq ft, accounting for 49% of all property registrations. Meanwhile, apartments up to 500 sq ft made up 33% of the registrations, down from 38% in August 2023, indicating a shift towards larger apartments.
Commenting on this, Director of Ajmera Realty & Infra India Ltd, Dhaval Ajmera said, “The augmented demand for Mumbai real estate is a significant testament to one of the best-performing months for home sales Mumbai has recorded during August. The marginal month-on-month growth reflects a gradual but steady growth in demand over the years reflecting the buoyancy and resilience of the real estate market of Mumbai backed by a strong economic performance growth, enabling liquidity in the hands of end consumers, thereby driving up home sales.”
Chairman & Managing Director of Arkade Developers, Amit Jain said, “Mumbai's real estate sector is witnessing a significant increase in demand, with sales in August 2024 reaching a new high of 11,559 properties (as of August 31, 2024 at 12 pm), up 6% from August 2023. Mumbai's real estate market is thriving thanks to lower interest rates and a pipeline of new projects. The MMR region is experiencing significant investment, driven by increasing property values and improved connectivity. The demand for luxury properties is particularly strong in emerging areas like Andheri, Santacruz, Mulund, Goregaon, and Borivali.”,
Frequently Asked Questions
What was the total number of property registrations in Mumbai in August 2024?
11,735
What was the total revenue generated from property registrations in Mumbai in August 2024?
Rs 1,072 crore
What is the year-on-year growth in property registrations in Mumbai in August 2024?
8%
What is the proportion of properties priced at Rs 2 crore and above in August 2024?
23%
What is the expected trend in home sales in Mumbai during the festive season?
Home sales are expected to amplify, with demand inclination towards 1 and 2 BHK homes.
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