India >> Maharashtra >> Mumbai City

Mumbai's March 2024 property registrations rise by 6.8%, reaching 14,400 sales

PNT Reporter | Last Updated : 4th Apr, 2024

Synopsis

In March 2024, Mumbai saw a surge in property registrations, with over 14,411 properties registered, indicating a strong real estate market. Most registrations were for residential units, especially in Central and Western suburbs, showing high demand for homes with modern amenities. Though stamp duty revenue dropped due to a high base effect from the previous year, monthly figures showed a 29% increase, reaching INR 1,143 crore. Homebuyers favoured mid-sized properties, but there's also a growing interest in larger homes, reflecting changing preferences. Overall, Mumbai's real estate market remains robust, driven by confident buyers and diverse housing options.

In March 2024, the city saw a big increase in property registrations. More than 14,411 properties were registered, marking a 10% rise compared to the previous year. This shows strong property sales and ongoing confidence among homebuyers in Mumbai.

Most of the registered properties, around 80%, were residential units. This indicates a high demand for homes across different price ranges in Mumbai.

What's interesting is that over 73% of these registered properties were in Mumbai's Central and Western suburbs. These areas have become popular for new residential projects offering modern amenities and good transportation links. This trend shows that buyers prefer staying in familiar areas where they find the surroundings and properties that fit their budget and preferences.

While property registrations surged, the revenue collected from stamp duty dropped by 7% compared to last year. This may seem surprising, but it's because of the high base effect of 2023. Last year, there was a spike in registrations due to the central government's decision to limit tax deductions on capital gains from property sales in March 2023. However, if we look at it month by month, stamp duty revenue increased by 29% in March 2024, reaching INR 1,143 crore, showing ongoing activity in the market.

Data suggests that homebuyers are currently preferring mid-sized properties. Units ranging from 500 to 1,000 square feet made up 43% of total registrations. Interestingly, there's also growing interest in larger homes (1,000-2,000 square feet), with their share rising from 8% in January 2024 to 12% in March. This trend might indicate a shift in buyer preferences towards more spacious living areas.

Mumbai's real estate market is doing well, thanks to confident homebuyers and a preference for mid-sized and spacious homes. Despite some ups and downs in revenue, the high number of property registrations indicates a bright future for the city's housing market.

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India >> Maharashtra >> Mumbai City

Mumbai's March 2024 property registrations rise by 6.8%, reaching 14,400 sales

Synopsis

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