Year-Ender 2024: Mumbai real estate market clocks 1.41 lakh property registrations, 11% higher than 2023
- Sugee Group
- Dec 31, 2024
- 2 min read
Updated: Mar 11
December 31, 2024 / Hindustan Times
Mumbai real estate update: Property registrations in 2024 are expected to generate revenue of ₹12,161 crore, up 12% from the year 2023
Mumbai's real estate market reported 1,41,202 property registrations in the calendar year 2024, an 11% increase from the 1,26,937 properties registered in 2023, according to data sourced from the Inspector General of Registration and Controller of Stamps of Maharashtra.
The revenue from property registrations, in the form of stamp duty, stood at ₹12,141 crore- 12% increase from ₹10,871 crore in 2023.
According to Knight Frank India, a real estate consultancy firm, of the overall registered properties in the Mumbai real estate market, residential units constitute 80%. In contrast, non-residential assets comprise the remaining 20%.
“Mumbai’s property market continues to showcase its resilience and adaptability. The steady rise in registrations and revenue highlights robust demand, especially for premium and spacious homes. In December 2024, Mumbai recorded 12,418 property registrations, reflecting a 22% month-on-month growth. Property registrations for January to December 2024 grew by 11% YoY, driving the fastest revenue growth in a decade at 12%," said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
“This trend reflects evolved homebuyer preferences for quality and value. The data also indicates Mumbai’s real estate market as a key driver of economic activity and an attractive long-term investment,” Baijal added.
13-years high
According to Knight Frank India, in 2024, Mumbai had the highest number of property registrations in the last 13 years: over 1.41 lakh, 1.26 lakh in 2023, .122 lakh in 2022, and 1.11 lakh in 2021. Property registrations for 2020 and before that have historically been under 1 lakh.
Further, in December 2024, the city is projected to record 12,418 property registrations and generate revenue of ₹1,134 crore for the state exchequer. Compared to the same period last year, property registrations were 12,285, while stamp duty collections were ₹933 crore.
Homebuyers' budget and location preference?
In December 2024, properties priced at ₹2 crore and above accounted for 23% of registrations, up from 18% in December 2023. Transactions in this segment totalled 2,879 properties, showcasing a growing inclination toward premium real estate. Conversely, registrations for properties valued under ₹50 lakh declined significantly, dropping from 30% to 25% share, indicative of a shift in buyer preferences towards higher-value segments, Knight Frank India said in its report.
Apartments measuring 1,000–2,000 sq ft grew in popularity, with their share rising from 8% to 12%, while the share of those over 2,000 sq ft remained stable at 2%. The report added that smaller units up to 500 sq ft saw a sharp decline in registrations, falling from 51% to 35%, signalling a growing preference for spacious homes.
According to the report, Mumbai's western and central suburbs dominated, accounting for 86% of the total market share. However, the central suburbs experienced the most significant growth, increasing their share from 29% to 33%, while the western suburbs saw a slight decline from 57% to 53%. This growth reflects a surge in supply and heightened end-user interest in these locations.
Source: Hindustan Times
(The story has been published from a wire feed without modifications to the text)
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