Mumbai’s real estate market is projected to register 1,41,302 property registrations in the calendar year 2024, an 11% increase from the 1,26,937 properties registered in 2023, according to data sourced from the Inspector General of Registration and Controller of Stamps of Maharashtra.
The revenue from property registrations, in the form of stamp duty, stood at โน12,161 crore- 12% increase from โน10,871 crore in 2023.
According to Knight Frank India, a real estate consultancy firm, of the overall registered properties in the Mumbai real estate market, residential units constitute 80%. In contrast, non-residential assets comprise the remaining 20%.
โMumbaiโs property market continues to showcase its resilience and adaptability. The steady rise in registrations and revenue highlights robust demand, especially for premium and spacious homes. In December 2024, Mumbai recorded 12,145 property registrations, reflecting a 23% month-on-month growth. Registrations for the full year (January to December 2024) remained strong as property registrations grew by 11% YoY, driving the fastest revenue growth in a decade at 12%,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
“This trend reflects evolved homebuyer preferences for quality and value. The data also indicates Mumbaiโs real estate market as a key driver of economic activity and an attractive long-term investment,” he added.
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13-years high
According to Knight Frank India, in 2024, Mumbai had the highest number of property registrations in the last 13 years: over 1.41 lakh, 1.26 lakh in 2023, .122 lakh in 2022, and 1.11 lakh in 2021. Property registrations for 2020 and before that have historically been under 1 lakh.
Further, in December 2024, the city is projected to record 12,518 property registrations and generate revenue of โน1,154 crore for the state exchequer. Compared to the same period last year, property registrations were 12,285, while stamp duty collections were โน933 crore.
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Homebuyers’ budget and location preference?
In December 2024, properties priced at โน2 crore and above accounted for 23% of registrations, up from 18% in December 2023. Transactions in this segment totalled 2,879 properties, showcasing a growing inclination toward premium real estate. Conversely, registrations for properties valued under โน50 lakh declined significantly, dropping from 30% to 25% share, indicative of a shift in buyer preferences towards higher-value segments, Knight Frank India said in its report.
Apartments measuring 1,000โ2,000 sq ft grew in popularity, with their share rising from 8% to 12%, while the share of those over 2,000 sq ft remained stable at 2%. The report added that smaller units up to 500 sq ft saw a sharp decline in registrations, falling from 51% to 35%, signalling a growing preference for spacious homes.
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According to the report, Mumbai’s western and central suburbs dominated, accounting for 86% of the total market share. However, the central suburbs experienced the most significant growth, increasing their share from 29% to 33%, while the western suburbs saw a slight decline from 57% to 53%. This growth reflects a surge in supply and heightened end-user interest in these locations.
