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Mumbai city recorded over 105,608 property registrations in the first nine months of 2024, contributing more than INR 8,877 crores to the state treasury. This represents a 12% year-on-year growth in registrations and a 6% increase in revenue. While September saw a decline in registrations due to the inauspicious period of 'Shraadh', overall demand remains strong, particularly for high-value properties. The city's residential market continues to thrive, driven by economic prosperity and a growing preference for homeownership.
In the first nine months of 2024, Mumbai (under BMC jurisdiction) saw over 105,608 property registrations, generating more than INR 8,877 crores for the state exchequer. This achievement marks a 12% year-on-year (YoY) growth in registrations and a 6% increase in revenue. The city surpassed 100,000 property registrations in September, achieving this milestone faster than any time in the past decade; in 2023, this mark was reached in October. Advertisement
This sustained momentum in property transactions reflects rising economic prosperity and a growing preference for homeownership among residents. In September 2024, residential units constituted 80% of total registrations, indicating strong housing demand. However, September 2024 saw 9,111 property registrations, a 15% YoY decline, with revenue dropping 22% YoY to INR 877 crores. The decrease is attributed to the 12-day 'Shraadh' period, traditionally seen as inauspicious for significant purchases.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, noted that the city's residential market has maintained its strong momentum, highlighted by the rapid achievement of over 100,000 registrations. Notably, transactions for properties priced at INR 2 crores and above grew by 8% YoY, with this segment comprising 23% of registrations in September, up from 18% the previous year. Conversely, properties valued under INR 50 lakhs saw their share drop from 28% to 17%.
Additionally, apartments between 500 sq ft and 1,000 sq ft accounted for 52% of registrations, while those over 1,000 sq ft increased from 19% in 2023 to 22% in 2024, indicating a shift towards larger living spaces. The share of property registrations in Mumbai's western suburbs remained steady at 57%, while South Mumbai's share rose from 7% to 10%.
In conclusion, despite a temporary dip in September, the overall real estate market in Mumbai is thriving. The record-breaking registrations signal strong buyer confidence, particularly in the premium segment, while the ongoing preference for larger living spaces highlights evolving consumer demands. As the year progresses, this robust market activity is expected to continue, reflecting Mumbai's dynamic real estate landscape.
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