by THO
Mumbai real estate market reported a 3% year-on-year (YoY) increase in property registrations in November 2024 with the number increasing to 10,095 from 9,736 units in November 2023, according to data sourced from the Inspector General of Registration and Controller of Stamps of Maharashtra as of 1 pm.
On a month-on-month (MoM) basis, property registrations fell by 27% from 12,960 property registrations in October 2024, according to data sourced from the Inspector General of Registration and Controller of Stamps of Maharashtra.
Stamp duty collections rose by 28% in November 2024 to ₹917 crore from ₹712 crore in November 2023. On a MoM basis, stamp duty collections went down by 31% from ₹1,205 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.
Also Read: Mumbai real estate sees 21% spike in registrations, 11,861 properties registered in October 2024
Why did the number of properties registered in Mumbai dip in November compared to October?
According to Knight Frank India, the dip in the number of properties registered in November compared to October may reflect a market pause following October’s robust performance further catalysed by elections in the state.
“Mumbai’s property registrations continue to demonstrate remarkable resilience and adaptability to evolving buyer preferences. While registrations saw a marginal decline, this was offset by a robust 16% growth in revenue, driven by an uptick in high-value transactions. The sequential dip following the festive-driven surge in October reflects a natural phase of market consolidation,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
“Significantly, the increasing demand for premium properties and larger living spaces underscores a decisive shift towards quality, value, and long-term investment in Mumbai’s ever- dynamic real estate landscape,” he added.
Mumbai real estate market’s performance in the 11 months of 2024
In the first 11 months of 2024, Mumbai recorded 127,987 property registrations, marking a 12% increase compared to the first 11 months of 2023. increase. Revenue collections inched close to the 11,000 crore milestone in November 2024, —the fastest growth in a decade—with a 10% YoY rise. In 2023, the first 11 months reported 1.14 lakh property registrations and ₹9,937 crore revenue from stamp duty,
“This sustained activity in property transactions reflects increasing economic prosperity and continued sentiment toward homeownership among Mumbai’s residents,” Knight Frank India analysis showed.
Maximum property registrations for properties worth ₹2 crore
Around 80% of the property registrations in Mumbai were for properties worth ₹2 crore, according to the document.
Demand for higher-valued properties saw a significant increase, with properties priced at ₹2 crore and above making up 23% of registrations in November 2024, up from 17% the previous year. Transactions in this segment totalled to 2,147 properties. Meanwhile, the share of properties valued at less than ₹50 lakh dropped sharply, falling from 28% in November 2023 to 20% in November 2024, Knight Frank India said in its analysis.
Also Read: Properties worth ₹50 lakh: Here’s what you can buy in Mumbai and MMR
In November 2024, apartments sized between 500 and 1,000 sq ft remained the most popular, representing 48% of all registrations. The share of larger apartments measuring 1,000 to 2,000 sq ft rose from 8% to 14%, and those over 2,000 sq ft grew from 2% to 5%, reflecting a steady shift in buyer preference towards more spacious living spaces. Smaller units up to 500 sq ft saw a sharp decrease, from 47% to 33%.
