Mumbai's Realty Market Sees Significant Growth, Adds ₹1,000 Crore to State Exchequer in August 2024
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 a significant increase in demand for high ticket sized properties.
Mumbai Realty MarketProperty RegistrationsState ExchequerKnight Frank IndiaAjmera Realty Infra India LtdArkade DevelopersReal EstateAug 31, 2024
The city of Mumbai has recorded approximately 11,735 property registrations in August 2024, contributing over Rs 1,072 crore to the state exchequer. Compared to the same period last year, property registrations have risen by 8% year-on-year, and revenues from these registrations have increased by 32% year-over-year.
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. Meanwhile, the share of properties valued at less than Rs 50 lakhs more than halved, dropping from 44% in August 2023 to 21% in August 2024.
Chairman & Managing Director of Knight Frank India, Shishir Baijal said, “Mumbai’s residential market has maintained strong momentum in 2024, with monthly sales showing consistent year-over-year 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.
Frequently Asked Questions
What is the total number of property registrations in Mumbai in August 2024?
11,735
What is the total revenue generated from property registrations in Mumbai in August 2024?
Rs 1,072 crore
What is the percentage increase in property registrations in Mumbai in August 2024 compared to the same period last year?
8%
What is the percentage increase in revenue from property registrations in Mumbai in August 2024 compared to the same period last year?
32%
What is the proportion of properties priced at Rs 2 crore and above in August 2024?
23%
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