Mumbai's Real Estate Soars with Record Registrations and Revenue in August 2024

In August 2024, Mumbai's property market hit a new peak with 11,735 property registrations generating over Rs 1,072 crore in stamp duty. Residential demand remains robust, especially for high-value and larger properties, as revealed by a Knight Frank report. The city experienced its highest revenue collection in a decade.

Mumbai's property market reached new heights in August 2024, registering 11,735 properties and generating more than Rs 1,072 crore in stamp duty revenue, an 8% increase in registrations and a 32% rise in revenue YoY, according to a Knight Frank report. This marks the highest property registrations and revenue collections in a decade, with 80% of the registrations being residential units, underscoring the city's strong demand for housing.

The market has witnessed consistent growth over the past eleven months, with property sales surpassing 10,000 units for the first eight months of the year. From January to August 2024, the city recorded 96,601 property registrations, marking a 16% increase compared to 83,615 registrations during the same period in 2023. Revenue from these transactions rose by 10% to Rs 8,010 crore, up from Rs 7,262 crore in the previous year.

There has been a significant surge in high-value property transactions, with properties priced at Rs 2 crore and above increasing by 77% YoY, totaling 2,699 units. The share of these high-value properties in the overall market grew from 14% in August 2023 to 23% in August 2024, while the proportion of properties priced below Rs 50 lakh dropped from 44% to 21%. Shishir Baijal, Chairman and Managing Director of Knight Frank India, noted that the city's residential market has maintained strong momentum, with August 2024 showing the highest revenue growth of the year due to a positive economic outlook and stable interest rates.

A noticeable shift towards larger apartments was observed, with properties between 500 sq ft and 1,000 sq ft accounting for 49% of all registrations, an increase from 47% in August 2023. Meanwhile, the share of apartments up to 500 sq ft declined from 38% to 33%, indicating a growing preference for more spacious living arrangements.

The Western and Central Suburbs continued to dominate the market, making up 83% of total registrations. However, there was a slight shift as the Western Suburbs' share decreased from 57% in August 2023 to 55% in August 2024, while the Central Suburbs remained stable at 28%. Other areas, including Central and South Mumbai, also saw increased registrations, contributing to a more diversified market.

(With inputs from agencies.)