Mumbai Property Registrations Soar in First Nine Months of 2024, Contributing INR 8,877 Crores to State Exchequer
Mumbai, the bustling city under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC), has set a remarkable record in the real estate sector. With more than 105,608 property registrations recorded in the first nine months of 2024, the city has contributed over INR 8,877 Crores to the state exchequer during this period. This reflects a significant year-on-year growth of 12% in property registrations and 6% in revenue. Mumbai’s sustained property registration growth can be attributed to its thriving real estate market and the unwavering confidence of buyers.
Mumbai Achieves Milestone with over 100,000 Property Registrations in September 2024
In September 2024, Mumbai achieved a milestone by surpassing 100,000 property registrations. This exceptional feat was accomplished at a faster pace than any other time in the past decade. Comparatively, in 2023, Mumbai reached this mark in October. The continuous momentum in property transactions is an outcome of Mumbai’s surging economic prosperity and the growing desire for homeownership among its residents.
Residential units dominated the property registrations in September 2024, accounting for 80% of the total registered properties. This staggering figure further emphasizes the strong demand for housing in the city. This demand is being shaped by various factors contributing to the favorable market conditions and incentives for homebuyers.
Unfavorable Days Impact Property Registrations in September 2024
In September 2024, Mumbai witnessed a decline in property registrations, with a 15% year-on-year decrease totaling 9,111 registrations. The revenue also followed suit, falling by 22% to INR 877 crores. This decline can largely be attributed to the inauspicious days of ‘Shraadh’, which comprised 12 days in the month. Traditionally, these days prompt individuals to refrain from engaging in significant purchases or high-value transactions. In the previous year, ‘Shraadh’ was observed from 29 September to 14 October, impacting the property registrations during that period as well.
Steady Momentum and Rising Confidence in Mumbai’s Residential Market
Shishir Baijal, the Chairman & Managing Director of Knight Frank India, applauded the strong momentum of Mumbai’s residential market in 2024. He mentioned that September’s achievement of surpassing 100,000 property registrations marks a notable milestone for the city, the fastest pace witnessed in a decade. Additionally, the report highlights an 8% year-on-year growth in transactions for properties priced at INR 2 crores and above. This rise can be attributed to homebuyer confidence bolstered by a positive economic outlook and stable interest rates, fueling robust sales throughout the first nine months of 2024.
Shifting Preferences in the Mumbai Real Estate Market
The demand for high-valued properties experienced a significant surge in September 2024. Properties priced at INR 2 crores and above accounted for 23% of all registrations, while the prior year recorded a percentage of 18%. This increase translated into a total of 2,095 properties. In contrast, the share of properties valued at less than INR 50 lakhs witnessed a sharp decline, dropping from 28% in September 2023 to 17% in September 2024.
There was also a notable shift in preferences for apartment sizes. In September 2024, apartments ranging between 500 square feet and 1,000 square feet claimed the majority share of property registrations, standing at 52%. Simultaneously, apartments measuring 1,000 square feet and above increased from 19% in 2023 to 22% in 2024. This shift displays a growing inclination towards larger apartments among homebuyers.
Continued Dominance in Western Suburbs, Rise in South Mumbai’s Share
In terms of location, the western suburbs sustained their dominant position, accounting for 57% of the property registrations in September 2024, mirroring the results of September 2023. However, the noteworthy development lies in South Mumbai, which observed a rise in its share from 7% in September 2023 to 10% in September 2024. This signals a surge in attractiveness for properties in this area, potentially driven by factors like infrastructure development or changing preferences of homebuyers.
The real estate market in Mumbai continues to thrive, with the first nine months of 2024 witnessing remarkable growth in property registrations and revenue. The city’s robust sales, steady homebuyer confidence, and evolving market trends underscore the positive trajectory of Mumbai’s residential market.
