Mumbai is expected to record property registration of 11,504 units in April, adding over Rs1,043 crore to the state exchequer. Compared to the same time, previous year's revenue from property registrations have risen by 16% year-on-year. The enduring confidence of homebuyers in the Mumbai market has maintained a positive outlook, according to a report released by the property consultants Knight and Frank.
This optimism has driven the city’s property registrations to consistently exceed the 10,000 mark for the fourth consecutive month in 2024. Of the overall registered properties, residential units constitute 80%.
Mumbai Sees Second-Highest Property Registrations In April In Over Decade
As per the Maharashtra department of stamps and registrations, in April, Mumbai experienced the second-highest number of property registrations for the same month in over 12 years, alongside its highest April stamp duty collection within that time frame. This surge can be attributed to increasing income levels and a positive attitude towards home ownership.
Knight Frank India Reports Surge In Property Registrations And Shift In Apartment Sizes In April
Chairman and Managing Director, Knight Frank India, Shishir Baijal said, “The buoyant market conditions have significantly boosted the state treasury, marking its highest-ever revenue collection for April. Property registrations in April have surged by 9% compared to the previous year, highlighting the market’s attractiveness to potential homebuyers. This positive momentum is expected to persist, driven by robust economic growth and stable interest rates which is expected to remain constant.”
In April, there was an increase in registration of apartments measuring up to 500 sq ft, rising to 45% of all registrations. Conversely, the share of apartments ranging from 500 sq ft to 1,000 sq ft stood at 40% during the same period last year. Share of larger apartments measuring 1,000 sq ft and above remained stable at 15% during the year, the report said.
