Mumbai Real Estate News:
A total of 12,373 properties were registered in August 2024, of which around 80% were in the residential segment in July 2024
Mumbai saw an 8% Y-O-Y rise in property registrations in the month of August 2024.
In this said period the number reached 11,735 from 10,902 of the earler year, as per data with the IGR, and Controller of Stamps of Maharashtra.
A total number of 12,373 property registrations were reported in the Mumbai Real Estate Market, in the month of July 2024.
The Real Experts said that there was a 5% drop in property registrations in August 2024 as compared to July 2024 owing to the monsoon.
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Stamp duty collections from property registrations in the Mumbai real estate market increased by more than 32% to 1,072 crore in August 2024 from ₹810 crore last year during the same period.
As in the month of July 2024, the stamp duty collections touched ₹1,064 crore, according to the data available.
Out of the data available about the total property registrations in Mumbai Real Estate Sector, residential units constitute approximately 80%, according to Knight Frank India, a well-known real estate consultancy firm.
Mumbai Real Estate experiences its flourishing eight-month period in the year 2024
With record property registrations of 96,601, Mumbai experienced its best eight-month period in 2024, as per Knight Frank India. This has marked a 16% overall increase in property registrations from 83,615 registrations in comparison with the same period in 2023.
Revenue from stamp duty collections jumped to reach ₹8,010 crore which is up by 10% from the ₹7,262 crore previous year.
Knight Frank India said in its monthly report, that during the same period, Mumbai registered an average of 12,075 properties per month, which is a 16% increase from 10,452 registrations per month last year in 2023.
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Shishir Baijal, chairman and managing director, Knight Frank India said that Mumbai’s residential market has maintained a strong momentum in the year 2024, with the monthly sales showing consistent Year-On-Year growth. The month of August 2024 has stood out, recording the highest growth in revenues as compared to the rest of the year. The stable interest rates and strong economic outlook have kept the homebuyers’ sentiments positive, thereby fueling steady sales,”.
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1,000 sq ft properties continue to see an Upward Traction In Mumbai Real Estate Market
The Knight Frank India report said, in the month of August 2024, the trend of increment in the registration of apartments measuring between 500 sq ft to 1,000 sq ft, amounted to 49% of the total property registrations. Meanwhile, apartments up to 500 sq ft made up 33% of the registrations and saw a dip from 38% in August 2023 clearly indicating a shift towards larger apartments.
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Mumbai Real Estate Market Locations: Where properties are being registered in the Mumbai Real Estate Market?
Knight Frank India analysis said the share of property registrations in the western suburbs of Mumbai has gone down from 57% in August 2023 last year to 55% in August 2024 this year. On the other hand, central suburbs have been able to maintain a stable share at 28%, with a slight dip from 29% in August 2023. Property registrations in other areas rose, increasing from 7% in 2023 to approximately 9% in the year 2024.
