MUMBAI: In August 2024, roughly 11,735 properties have been registered inside Mumbai’s municipal limits, producing over Rs 1,072 crore in stamp duty revenue for the state exchequer which marks an 8 per cent enhance in property registrations and 32 per cent rise in revenue year-on-year (YoY), in line with Knight Frank report.
The Mumbai property market has reached a milestone, recording the best property registrations and revenue collections in a decade. Residential models dominated the market, comprising 80 per cent of the whole registrations, signalling continued sturdy demand for housing in the town.
Mumbai’s property market has seen a constant rise in transactions, with property gross sales exceeding 10,000 models for the primary eight months of the 12 months, marking eleven consecutive months of annual development since August 2023.
The metropolis has skilled its finest eight-month interval on document, with 96,601 property registrations from January to August 2024, representing a 16 per cent enhance from 83,615 registrations throughout the identical interval in 2023. Revenue from these transactions surged by 10 per cent, reaching Rs 8,010 crore, in comparison with Rs 7,262 crore in the earlier 12 months.
The demand for high-value properties has seen an uptick, with transactions of properties priced at Rs 2 crore and above growing by 77 per cent YoY, totaling 2,699 models. The proportion of those high-value properties in the general market rose from 14 per cent in August 2023 to 23 per cent in August 2024. Conversely, the share of properties priced beneath Rs 50 lakh dropped considerably, from 44 per cent to 21 per cent throughout the identical interval.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, stated, “Mumbai’s residential market has maintained strong momentum in 2024, with monthly sales showing consistent YoY growth. August stood out, recording the highest growth in revenues compared to the rest of the year. The strong economic outlook and stable interest rates have kept homebuyer sentiments positive, fuelling steady sales.”
In August 2024, there was a noticeable shift in the market in the direction of bigger residences. 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 residences as much as 500 sq ft declined from 38 per cent to 33 per cent, indicating a rising desire for extra spacious dwelling preparations.
The Western Suburbs and Central Suburbs proceed to dominate Mumbai’s property market, accounting for 83 per cent of the whole registrations. However, there was a slight shift, with the Western Suburbs’ share reducing from 57 per cent in August 2023 to 55 per cent in August 2024, whereas the Central Suburbs remained steady at 28 per cent.
Notably, property registrations in different areas, together with Central and South Mumbai, noticed a rise, contributing to a extra diversified market.
The Mumbai property market has reached a milestone, recording the best property registrations and revenue collections in a decade. Residential models dominated the market, comprising 80 per cent of the whole registrations, signalling continued sturdy demand for housing in the town.
Mumbai’s property market has seen a constant rise in transactions, with property gross sales exceeding 10,000 models for the primary eight months of the 12 months, marking eleven consecutive months of annual development since August 2023.
The metropolis has skilled its finest eight-month interval on document, with 96,601 property registrations from January to August 2024, representing a 16 per cent enhance from 83,615 registrations throughout the identical interval in 2023. Revenue from these transactions surged by 10 per cent, reaching Rs 8,010 crore, in comparison with Rs 7,262 crore in the earlier 12 months.
The demand for high-value properties has seen an uptick, with transactions of properties priced at Rs 2 crore and above growing by 77 per cent YoY, totaling 2,699 models. The proportion of those high-value properties in the general market rose from 14 per cent in August 2023 to 23 per cent in August 2024. Conversely, the share of properties priced beneath Rs 50 lakh dropped considerably, from 44 per cent to 21 per cent throughout the identical interval.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, stated, “Mumbai’s residential market has maintained strong momentum in 2024, with monthly sales showing consistent YoY growth. August stood out, recording the highest growth in revenues compared to the rest of the year. The strong economic outlook and stable interest rates have kept homebuyer sentiments positive, fuelling steady sales.”
In August 2024, there was a noticeable shift in the market in the direction of bigger residences. 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 residences as much as 500 sq ft declined from 38 per cent to 33 per cent, indicating a rising desire for extra spacious dwelling preparations.
The Western Suburbs and Central Suburbs proceed to dominate Mumbai’s property market, accounting for 83 per cent of the whole registrations. However, there was a slight shift, with the Western Suburbs’ share reducing from 57 per cent in August 2023 to 55 per cent in August 2024, whereas the Central Suburbs remained steady at 28 per cent.
Notably, property registrations in different areas, together with Central and South Mumbai, noticed a rise, contributing to a extra diversified market.
