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Mumbai real estate market reported a 14% year-on-year drop in property registrations in September 2024 with the number falling to 9,167 from 10,694 a year earlier, according to data of the Inspector General of Registration and Controller of Stamps of Maharashtra.
On a month-on-month (MoM) basis, the property registrations declined by 21%. In August 2024, a total of 11,631 property registrations were reported in the Mumbai real estate market.
Stamp duty collections from property registrations in the Mumbai real estate market plunged by over 21% YoY to โน892 crore in September 2024, from โน1,127 crore last year during the same period. In August 2024, the stamp duty collections stood at โน1,062 crore, according to the data.
Of the total property registrations in Mumbai, residential units constitute roughly around 80%, according to Knight Frank India, a real estate consultancy firm.
Why did property registrations decline in Mumbai ?
The consultancy firm Knight Frank India said that the property registrations in September moderated due to Shraadh 2024.
“The decline in home registrations in September 2024 can be primarily attributed to the inauspicious days of โShraadhโ, which constituted 12 days of month in September 2024, when traditionally individuals refrain from making significant purchases or engaging in high – value transactions. In 2023, Shraadh was observed from 29 September to 14 October,” Knight Frank India said in the report.
Also Read: Mumbai records 11,735 property registrations in August 2024; stamp duty collections hit โน1072 crore
However, the property registrations in Mumbai also remained less in 2024 compared to 2023 during Ganesh Chaturthi in September 2024.
There was a 10% drop in total number of property registrations and touched 3,400 during Ganesh festival 2024 compared to 3,700 during the festival in 2023, according to Maharashtra IGR data collated by Knight Frank India.
Ganesh festival marks the start of the festive season in Mumbai. During Ganesh festival 2023, between September 19 to September 28, there were seven working days in which 3,782 properties were registered. The daily average of registrations in 2023 at 540 property registrations.
In comparison to this, during Ganesh festival 2024, between September 7 to 17, having seven working days, 3,405 properties were registered in Mumbai – a fall of 10%, according to the Knight Frank India data.
Also Read: Festive season 2024: Mumbai real estate market reports 10% drop in property registrations during Ganesh festival
Property registrations cross the 1 lakh mark in Mumbai in first nine months of 2024
Though property registrations in the Mumbai real estate market have been on the decline, the first nine months of 2024 reported 105,664 property registrations contributing more than โน8,892 crore to the state exchequer during this period.
This was a 12% YoY growth while revenue grew by 6% YoY during the same period. In September 2024, Mumbai surpassed 1,00,000 property registrations, achieving this milestone faster than any other time in the past decade. In 2023, this mark was achieved in October, the Knight Frank India report added.
โMumbaiโs residential market has sustained strong momentum in 2024, with September marking a key milestone as the city surpassed 1 lakh property registrationsโthe fastest pace in a decade. It is also witnessed that transactions in properties priced at โน2 crore and above grew by 9% YoY. Steady homebuyer confidence, driven by a positive economic outlook and stable interest rates, led to the robust sales throughout the first nine months of the year,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
Also Read: Housing sales decline by 11% YoY across top seven cities in Q3 2024; Mumbai, Bengaluru lead supply
Shift in preference for larger apartments in Mumbai?
According to Knight Frank India, in September 2024, there was an increase in the registration of apartments measuring between 500 sq ft to 1,000 sq ft, accounting for 52% of all property registrations. Meanwhile, apartments measuring 1,000 sq ft and above jumped from 19% in 2023 to 22% in 2024, indicating a shift in preference towards larger apartments.
Further, in September 2024, share of property registrations in the western suburbs remained steady at 57% compared to September 2023. Notably, South Mumbai observed a rise in its share from 7% in September 2023 to 10% in September 2024.
