Mumbai's real estate market recorded its highest property registrations in 12 years, with 11,443 properties registered in June 2024, contributing over INR 986 crore to the state treasury, as reported by Knight Frank India. This represents an 11% year-on-year increase in registrations and a 15% rise in revenue compared to June 2023. A notable shift in buyer preferences emerged, with 46% of registrations for apartments between 500 and 1,000 sq ft. The central suburbs gained popularity, capturing 42% of the market share. This growth reflects strong buyer confidence and Mumbai's resilient real estate market.
Mumbai's real estate market is experiencing a rise, recording its highest number of property registrations for any June month in the past 12 years. According to a report by Knight Frank India, a prominent real estate consultancy, approximately 11,443 properties were registered in June 2024, contributing over INR 986 crore to the state treasury.
This reflects a positive trend. Compared to June 2023, property registrations have grown by 11% year-on-year, with revenue collection increasing by an impressive 15%. This translates to a rise of 1,124 registrations and an additional INR 130 crore collected by the state government compared to June 2023. Notably, property sales have remained above the 10,000 mark for the entire first half of 2024, signifying consistent buyer interest with a total of approximately 12,044 units registered in the first six months, exceeding the 2023 average of 10,578 units.
The report also reveals a fascinating shift in buyer preferences. Apartments measuring between 500 sq ft and 1,000 sq ft are gaining significant traction, accounting for a sizable 46% of all property registrations in June 2024, a total of approximately 5,259 units. This is a clear indication that buyers are increasingly seeking larger living spaces. In contrast, the share of registrations for apartments under 500 sq ft has dipped to 36%, representing approximately 4,119 units, down from 41% in June 2023. Apartments exceeding 1,000 sq ft also saw a slight increase, capturing 15% of the total registrations, or around 1,718 units.
Geographically, the market continues to be dominated by the western and central suburbs, which together hold a 73% market share. However, an interesting trend is emerging. The western suburbs, which traditionally held a larger share, witnessed a decline from 58% in June 2023 to 49% in June 2024, translating to a drop from around 6,022 units to approximately 5,613 units. Conversely, the central suburbs saw their share jump significantly, rising from 30% to 42% during the same period, representing an increase from around 3,108 units to approximately 4,803 units. This suggests a potential shift in buyer focus towards central Mumbai locations.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, attributes this growth to Mumbai's resilient real estate market. He highlights the positive sentiment towards homeownership and buyer confidence in India's economic trajectory. Factors like strong GDP growth, rising income levels, and favorable interest rates are expected to continue fueling this positive trend.
Mumbai's property market is demonstrating remarkable resilience and growth. The record-breaking number of registrations in June 2024, at 11,443, coupled with a shift towards larger living spaces (500-1,000 sq ft) and a rise in popularity of central suburbs, paints a promising picture for potential buyers and investors. With a supportive economic environment, Mumbai's real estate market is poised for continued success in the foreseeable future.
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