Mumbai Property Registrations and Revenue Soar in October 2024
The Mumbai city area under the BMC jurisdiction has witnessed a remarkable surge in property registrations in the month of October 2024, contributing over INR 1,099 Crores to the state exchequer. This marks a significant 22% year-on-year increase in property registrations and a substantial 32% rise in revenue from property registration.
Festive Period Boosts Property Registrations
The festive period, encompassing Navratri and Diwali, has long been considered auspicious for property purchases. This sentiment proved evident in the surge of property registrations witnessed in Mumbai. Given the cultural and religious importance of these festivals, it is common for individuals to make significant investments during this time. As a result, the city recorded a substantial increase in property registrations compared to the previous year.
Growth Percentage and Revenue Collections
The year-on-year growth in property registrations during October 2024 signifies the city’s thriving real estate market. It is essential to note that last year’s figures were impacted by the Shradh period, resulting in comparatively lower registrations. However, with the Shradh ending on October 2nd this year and affecting only the initial days of the month, the impact was minimal. Accordingly, October 2024 witnessed a robust surge in both property registrations and revenue collections.
Housing Demand Remains Strong
Within the period of October 2024, the majority of the property registrations were residential units, accounting for 80% of the total registrations. This surge in residential property purchases indicates the strong demand for housing in the city. The sustained increase in property transactions throughout the year demonstrates Mumbai residents’ growing inclination towards homeownership, highlighting both increasing economic prosperity and the importance placed on owning a home.
Sustained Property Activity During Navratri
During the nine-day period of Navratri, spanning from October 3rd to October 11th, 2024, Mumbai recorded the registration of 5,199 units. This represents an impressive 13.2% year-on-year growth compared to the previous year’s Navratri period. Additionally, the state exchequer saw a significant revenue collection of INR 502 Crores from property registrations during this time, a notable increase of 15.3% year-on-year. The daily average registration rate also witnessed an uptrend, reflecting increased property activity during Navratri.
Demand for High-Valued Properties
One interesting trend observed in October 2024 is the demand for high-valued properties, particularly those priced at INR 2 crores and above. These properties accounted for 22% of all registrations in October 2024, signifying a rise from the previous year’s 18%. The increasing preference for luxury properties is reflective of the growing affluence and aspirations among buyers. Meanwhile, the share of properties valued at less than INR 50 lakhs witnessed a decline, falling from 27% in October 2023 to 20% in October 2024.
Buyer Preference for Larger Apartments
In terms of apartment sizes, those ranging from 500 to 1,000 sq ft remained the most popular category, comprising 47% of all registrations in October 2024. However, there has been a notable shift in buyer preference towards more spacious living spaces. The share of larger apartments measuring 1,000 to 2,000 sq ft grew from 13% to 16%, while units over 2,000 sq ft increased from 2% to 3%. On the other hand, smaller units up to 500 sq ft experienced a marginal decrease from 36% to 34%.
Market Share Distribution
In terms of market share distribution, significant shifts were observed in different regions of Mumbai. The Central Suburbs exhibited substantial growth, rising from 29% to 31%. South Mumbai also witnessed an increase, expanding its market share from 7% to 9%. In contrast, the Western Suburbs experienced a slight decrease, dropping from 57% to 53%. Central Mumbai maintained a stable market share of 7%.
The overall surge in property registrations and revenue collections in Mumbai highlight the city’s thriving real estate sector. This sustained activity reflects a robust economy, increasing affluence, and a growing preference for homeownership. As Mumbai adapts to changing buyer preferences and market dynamics, it will continue to shape the real estate landscape while providing various property opportunities for current and future residents.
