Mumbai real estate market witnessed a significant upturn in February 2024, with property registrations soaring to 11,742, a 21 percent increase compared to February 2023's 9,684 registrations, and a 7 per cent rise from January 2024's figures, as per data from IGR Maharashtra.
This growth marks the highest number of property registrations for any February in the last twelve years, underscoring a buoyant demand for real estate in India's financial capital.
The prior peak in February 2022 was fuelled by heightened optimism and the release of pent-up demand as the pandemic effects diminished. However, the recent upsurge can be credited to rising income levels and a favourable sentiment towards homeownership, said Knight Frank India in its report.
Despite this surge in property registrations, the sector faced a downturn in revenue from stamp duty collections, which saw a 22% year-on-year drop from Rs 1,112 crore in February 2023 to Rs 865 crore in February 2024. However, on a month-on-month basis, there was an increase in stamp duty collections from Rs 760 crore in January 2024.
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