Mumbai's real estate market demonstrated resilience in August 2024, with property registrations marking an 8% year-on-year increase. The total number of registrations climbed to 11,735, up from 10,902 in August 2023, as per the latest data from the Inspector General of Registration and Controller of Stamps, Maharashtra.
Despite a seasonal dip due to the monsoon, which led to a 5% decrease in registrations from July 2024's 12,373 registrations, the market's overall performance remained strong.
In a significant boost to the state's revenue, stamp duty collections from property registrations in Mumbai surged by over 32%, reaching ₹1,072 crore in August 2024 compared to ₹810 crore during the same period last year. In July 2024, the stamp duty collections stood at ₹1,064 crore, according to the data. Of the total property registrations in Mumbai in August 2024, residential units constitute roughly around 80%, according to Knight Frank India.
Mumbai's property market has seen a consistent rise in transactions, with property sales exceeding 10,000 units for the first eight months of the year, marking eleven consecutive months of annual growth since August 2023.
The city has experienced its best eight-month period on record, with 96,601 property registrations from January to August 2024, representing a 16 per cent increase from 83,615 registrations during the same period in 2023. Revenue from these transactions surged by 10 per cent, reaching ₹8,010 crores, compared to ₹7,262 crores in the previous year.
Prashant Sharma, President, NAREDCO Maharashtra stated: "The sustained growth in property registrations in Mumbai, exemplified by the remarkable year-on-year increase observed in August 2024, underscores the resilience and strength of Mumbai’s real estate market. These figures not only reflect strong buyer confidence but also attest to the effectiveness of recent policy initiatives and favorable economic conditions that have boosted demand. The concurrent rise in stamp duty collections further emphasizes the ongoing momentum in property transactions and indicates a healthy market appetite. Moving forward, it is essential to nurture an environment that supports this growth, ensuring that the real estate sector continues to be a pivotal driver of economic progress in Maharashtra."
The demand for high-value properties has seen an uptick, with transactions of properties priced at ₹2 crores and above increasing by 77 per cent YoY, totaling 2,699 units. The proportion of these high-value properties in the overall market rose from 14 per cent in August 2023 to 23 per cent in August 2024. Conversely, the share of properties priced below ₹50 lakh dropped significantly, from 44 per cent to 21 per cent during the same period.
In August 2024, there was a noticeable shift in the market towards larger apartments. Properties measuring between 500 sq ft and 1,000 sq ft accounted for 49 per cent of all registrations, up from 47 per cent in August 2023.
Meanwhile, the share of apartments up to 500 sq ft declined from 38 per cent to 33 per cent, indicating a growing preference for more spacious living arrangements.
Pritam Chivukula, Vice President, CREDAI-MCHI said: “The significant surge in property registrations and the increase in stamp duty collections in Mumbai for August 2024 highlight a strong market demand and growing consumer confidence. Larger and more spacious residential properties continue to find favor with an increase in demand among home buyers. The demand for property in the central suburbs seems steady and underscores the resilience of the Mumbai real estate market. We are committed to supporting this growth story by addressing key challenges and enhancing market conditions to ensure continued investor confidence and sector vibrancy.”
The Western Suburbs and Central Suburbs continue to dominate Mumbai's property market, accounting for 83 per cent of the total registrations. However, there has been a slight shift, with the Western Suburbs' share decreasing from 57 per cent in August 2023 to 55 per cent in August 2024, while the Central Suburbs remained stable at 28 per cent.
Notably, property registrations in other areas, including Central and South Mumbai, saw an increase, contributing to a more diversified market.
Share
Tweet
