by THO
Mumbai witnessed a 8% Year-on-Year increase in property registrations in August 2024 with the number rising to 11,735 from 10,902 a year earlier, according to the data of the Inspector General of Registration and Controller of Stamps of Maharashtra.
In July 2024, a total of 12,373 property registrations were reported in the Mumbai real estate market. There was 5% drop in property registrations in August 2024 compared to July 2024 owing to the monsoon, real estate experts said.
Stamp duty collections from property registrations in the Mumbai real estate market went up by over 32% to 1,072 crore in August 2024 from ₹810 crore last year during the same period. In July 2024, the stamp duty collections stood at ₹1,064 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.
Mumbai experiences its best eight-month period in 2024
According to Knight Frank India, Mumbai experienced its best eight-month period in 2024, with record property registrations of 96,601. This marked a 16% increase from 83,615 registrations in the same period in 2023.
Revenue from stamp duty collections stood at ₹8,010 crore which was up by 10% from ₹7,262 crore last year.
During the same period, Mumbai registered an average of 12,075 properties per month, a 16% increase from 10,452 registrations per month in 2023, Knight Frank India said in its monthly report.
Also Read: Mumbai property registrations increase by 19% Y-o-Y in July 2024; stamp duty collections up by 27%
“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,” Shishir Baijal, chairman and managing director, Knight Frank India.
1,000 sq ft properties continue to see traction
In August 2024, the trend of increase in the registration of apartments measuring between 500 sq ft to 1,000 sq ft, accounted for 49% of all property registrations. Meanwhile, apartments up to 500 sq ft made up 33% of the registrations, down from 38% in August 2023, indicating a shift towards larger apartments, the Knight Frank India report said.
Also Read: Mumbai property registrations rise 11% Y-o-Y in June 2024; stamp duty collections up by 15%
Where are properties being registered in the Mumbai real estate market?
The share of property registrations in the western suburbs of Mumbai has dropped from 57% in August 2023 to 55% in August 2024. On the other hand, central suburbs maintained a stable share at 28%, with a slight dip from 29% in August 2023. Property registrations in other areas saw a rise, increasing from 7% in 2023 to 9% in 2024, Knight Frank India analysis said.
