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Property registrations in the Mumbai real estate market grew by more than 19% to touch 12,160 in July 2024 from 10,221 a year earlier, according to the data shared by the Inspector General of Registration and Controller of Stamps of Maharashtra. In June 2024, a total of 11,673 property registrations were reported in the Mumbai real estate market.
Stamp duty collections from property registrations in the Mumbai real estate market went up by over 27% to 1,055 crore in July 2024 from โน832 crore last year during the same period. In June 2024, the stamp duty collections stood at โน1,014 crore, the data showed.
Out of the total property registrations on monthly basis in Mumbai, residential units constitute roughly around 80%, according to sectoral estimates.
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Properties up to 1,000 sqft continue to lead in registrations
In June 2024, there was an increase in the registration of apartments measuring between 500 sq ft and 1,000 sq ft, accounting for 46% of all property registrations. In contrast, apartments measuring up to 500 sq ft made up 36% of the registrations, down from 41% in June 2023.
This indicates an inclination towards larger apartments, with the share of units up to 500 sq ft witnessing a decline. Apartments measuring 1,000 sq ft and above comprised 15% of the total registrations, Knight Frank India said in its report.
Up to 1,000 sq ft segment continues to dominate
In July 2024, there was an increase in the registration of apartments measuring between 500 sq ft and 1,000 sq ft, accounting for 49% of all property registrations. Further, apartments up to 500 sq ft made up 33% of the registrations, down from 38% in July 2023, indicating a shift towards larger apartments, Knight Frank India, a real estate consultancy firm said in its report.
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According to the report, the share of property registrations in Mumbai’s western suburbs dropped from 57% in July 2023 to 50% in July 2024. The central suburbs saw a significant increase, rising from 29% in July 2023 to 41% in July 2024.
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Hereโs how property registration numbers stack up
From January to July 2024, the city recorded 84,653 property registrations, marking a 16% increase from 72,713 registrations in the same period in 2023, and generated โน6,929 crore in revenue, up by 7% from โน6,452 crore last year, Knight Frank India report said.
โThe continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai’s real estate market. This positive trend is expected to persist, driven by strong GDP growth, rising income levels, and a favorable interest rate environment, creating an encouraging atmosphere for potential buyers,” said Shishir Baijal, chairman and managing director, Knight Frank India.
