The Mumbai residential real estate market has started the year 2024 on a robust note, witnessing the highest number of property registrations in January in the past 12 years, according to a report by Knight Frank.
In January 2024, a staggering 10,901 properties were registered in the city, showcasing a remarkable 21 per cent Year-on-Year (YoY) increase. This positive trend translated into an 8 per cent YoY growth in revenue, contributing Rs 746 crore to the state government.
Buoyant Stamp Duty Collections
Stamp duty collections from property registrations displayed robust performance, registering an 8 per cent YoY increase to Rs 746 crore. This growth reflects the sustained confidence in the Mumbai real estate market. Notably, 58 per cent of the registered properties in January 2024 were valued at Rs 1 crore and above, signaling a preference for premium properties and underscoring the city’s resilience and attractiveness in the premium segment.
The report revealed that January 2024 marked the highest number of property registrations in any January month in the past 12 years. This surge is attributed to rising income levels, a positive perception towards homeownership, and an overall optimistic economic outlook. Properties in the 500-1000 sq ft range continued to dominate registrations, constituting 43 per cent in January 2024. However, there was a notable increase in the share of apartments measuring 500 sq ft and below, rising to 48 per cent, indicating a diverse range of property preferences.
Central and Western Suburbs Preferred
Central and Western suburbs retained their status as the most preferred locations for property purchases, accounting for over 75 per cent of total registrations. The popularity of these areas can be attributed to familiarity, coupled with modern amenities and excellent connectivity.
The report also highlighted a consistent increase in the share of property registrations valued at Rs 1 crore and above over the past few years, reaching 58 per cent in January 2024. This trend is a result of the surge in property prices and a relatively smaller impact on the higher value segment from economic headwinds.
Shishir Baijal, Chairperson & MD of Knight Frank India, commended the Mumbai residential market’s performance, emphasizing the sustained strength in the premium segment and expressing optimism about the market’s continued positive trajectory.
