In July 2024, Mumbai's real estate market saw a significant 19% increase in property registrations, reaching 12,160 transactions, up from 10,221 in July 2023. Stamp duty collections also surged by over 27% to INR 1,055 crore, compared to INR 832 crore in the previous year. June 2024 had strong performance with 11,673 registrations and collections of INR 1,014 crore. Experts attribute this growth to strong buyer confidence, economic factors, and favorable policy measures. Mr. Prashant Sharma of NAREDCO Maharashtra and Mr. Pritam Chivukula of Tridhaatu Realty highlight the market's resilience and shifting buyer preferences towards larger and luxury units.
In July 2024, Mumbai's real estate market experienced a notable 19% increase in property registrations, reaching a total of 12,160 transactions. This is up from 10,221 registrations recorded in July 2023, according to data from Knight Frank. The previous month, June 2024, also showed strong performance with 11,673 properties registered. Stamp duty collections mirrored this growth, rising by over 27% to INR 1,055 crore in July 2024, up from INR 832 crore in July 2023. June 2024 collections were INR 1,014 crore, reflecting ongoing market strength.
Industry experts have shared their insights on this trend:
Mr. Prashant Sharma, President of NAREDCO Maharashtra, remarked, "The year-on-year growth in property registrations for July 2024 highlights the resilience of Mumbai's real estate market. This growth shows strong buyer confidence and the positive impact of various policy measures and economic factors. The increase in stamp duty collections also suggests a healthy market demand. It is important to continue supporting this growth to ensure the real estate sector remains a significant contributor to Maharashtra's economic development."
Mr. Pritam Chivukula, Co-Founder & Director of Tridhaatu Realty and Vice President of CREDAI-MCHI, noted, "The rise in property registrations and stamp duty collections in July 2024 indicates a strong market recovery and growing consumer confidence. The trend towards larger residential units reflects changing buyer preferences, with a growing demand for more spacious living options in Mumbai. We remain optimistic about the continued growth and stability of the real estate sector in the region."
Mr. Vedanshu Kedia, Director of Prescon Group, added, "The increase in home sales underscores the strong demand for home ownership, driven by robust economic growth, favorable mortgage rates, and a rising preference for luxury living. The demand for upscale amenities and high-end features is fueling momentum in the housing market, leading to higher sales figures in the luxury segment."
The rise in property registrations and stamp duty collections points to a vibrant real estate market in Mumbai, driven by increased buyer confidence and evolving preferences. This trend suggests a continued positive outlook for the city's housing sector as it adapts to changing market dynamics.
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