Mumbai’s real estate market demonstrated resilience in August 2024, with property registrations marking an 8% year-on-year increase.
The total number of registrations climbed to 11,735, up from 10,902 in August 2023, as per the latest data from the Inspector General of Registration and Controller of Stamps, Maharashtra. Despite a seasonal dip due to the monsoon, which led to a 5% decrease in registrations from July 2024’s 12,373 registrations, the market’s overall performance remained strong.
In a significant boost to the state’s revenue, stamp duty collections from property registrations in Mumbai surged by over 32%, reaching ₹1,072 crore in August 2024 compared to ₹810 crore during the same period last year. In July 2024, the stamp duty collections stood at ₹1,064 crore, according to the data. Of the total property registrations in Mumbai in August 2024, residential units constitute roughly around 80%, according to Knight Frank India.
Prashant Sharma, President, NAREDCO Maharashtra, stated, “The sustained growth in property registrations in Mumbai, exemplified by the remarkable year-on-year increase observed in August 2024, underscores the resilience and strength of Mumbai’s real estate market. These figures not only reflect strong buyer confidence but also attest to the effectiveness of recent policy initiatives and favorable economic conditions that have boosted demand.
“The concurrent rise in stamp duty collections further emphasizes the ongoing momentum in property transactions and indicates a healthy market appetite. Moving forward, it is essential to nurture an environment that supports this growth, ensuring that the real estate sector continues to be a pivotal driver of economic progress in Maharashtra.”
Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI, said, “The significant surge in property registrations and the increase in stamp duty collections in Mumbai for August 2024 highlight a strong market demand and growing consumer confidence. Larger and more spacious residential properties continue to find favor with an increase in demand among home buyers.
“The demand for property in the central suburbs seems steady and underscores the resilience of the Mumbai real estate market. We are committed to supporting this growth story by addressing key challenges and enhancing market conditions to ensure continued investor confidence and sector vibrancy.”
Vedanshu Kedia, Director, Prescon Group, said, “The substantial surge in home sales underscores the strong demand for home ownership and the high value buyers place on it. This uptick is supported by robust economic growth, significant infrastructure upgrades that are improving connectivity, and a growing inclination towards luxury living. The appeal of green surroundings, upscale amenities, and premium features has particularly fueled momentum in the housing market, leading to larger homes and heightened sales in the luxury segment.”
Rajeev Ranjan, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt Ltd, stated, “The steady increase in property registrations in Mumbai underscores the continued resilience and attractiveness of the city’s real estate market. Despite the seasonal impact of the monsoon, which led to a slight dip in registrations compared to July, the overall demand remains robust, particularly in the mid-sized apartment segment.
“The rise in stamp duty collections also reflects the increasing transaction values, driven by a shift towards larger apartments, which is a positive indicator of growing consumer confidence and purchasing power. As the market continues to evolve, we anticipate sustained interest in emerging areas, evidenced by the increased share of registrations outside the traditional western and central suburbs. This diversification points to a broader geographic spread of real estate activity in Mumbai, signaling a healthy and dynamic market moving forward.”