Mumbai's Real Estate Boom: Property Registrations Hit 13-Year High

Mumbai's property market achieves record growth in 2024 with 12,518 property registrations in December and Rs 1,154 crores in revenue for the state. High-value transactions drive a 24% increase in stamp duty collections. The city’s real estate market is a key economic driver, showing a demand for premium homes.

Mumbai is witnessing a significant property market boom as the city recorded 12,518 property registrations in December 2024, generating Rs 1,154 crores in revenue for the state exchequer, according to a Knight Frank report. A 2% rise in registrations and a 24% increase in stamp duty collections were noted compared to the previous year.

The city's property sales for 2024 are projected to reach 141,302 registrations, with revenue peaking at Rs 12,161 crore, marking a 13-year high. December saw a 23% YoY increase in registrations and a 25% boost in stamp duty collections. Residential properties constituted 80% of registrations. High-value transactions, especially in properties above Rs 2 crore, surged in December.

Knight Frank India's Chairman, Shishir Baijal, highlighted the robust demand for premium and spacious homes, positioning Mumbai's real estate as a prime long-term investment avenue. A significant shift towards larger apartments was also observed, while Western and Central Suburbs accounted for 86% of the market, with Central Suburbs leading growth.

(With inputs from agencies.)