The country’s financial capital Mumbai (area under Brihanmumbai Municipal Corporation) witnessed a 5% increase in property registrations in November 2024, with 10,216 units registered, compared to 9,736 units during the same month last year, as per data from Knight Frank India. This growth reflects sustained demand in the housing market despite a month-on-month decline from October's robust performance, when 12,960 units were registered.
Stamp duty collections saw a significant 30% rise in November 2024 compared to November 2023, indicating a preference for higher-value properties.
According to Knight Frank India, the dip in the number of properties registered in November compared to October may reflect a market pause following October’s robust performance further catalysed by elections in the state.
Demand for higher-valued properties saw a significant increase, with properties priced at ₹2 crore and above making up 23% of registrations in November 2024, up from 17% the previous year. Transactions in this segment totalled to 2,147 properties. Meanwhile, the share of properties valued at less than ₹50 lakh dropped sharply, falling from 28% in November 2023 to 20% in November 2024, Knight Frank India said in its analysis.
Prashant Sharma, President, NAREDCO Maharashtra: "The 5% year-on-year growth in property registrations and the sharp rise in stamp duty collections reflect the resilience of Mumbai's real estate market. The increase in demand for properties priced at ₹2 crore and above showcases the strengthening of the premium segment, driven by evolving buyer preferences and rising aspirations. This trend reinforces the importance of creating a conducive environment for real estate investments, especially in high-value housing, through supportive policies and infrastructure development."
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