Mumbai: Mumbai city saw significant growth with 12,160 property registrations in July 2024 contributing over Rs 1,055 crore to the state exchequer. This marks a substantial 19% year-on-year (YoY) increase in registrations and a 27% YoY rise in revenue compared to the same period in 2023, Knight Frank said in its latest report.
Sustained buyer confidence has resulted in consistent sales, for the first seven months of the year, marking eleven consecutive months of annual growth since August 2023. Notably, July 2024 achieved the highest number of property registrations for any July in over a decade.
This surge in property transactions is attributed to heightened economic prosperity and a rising preference for homeownership among Mumbai residents, the report said. In July 2024, residential units constituted 80% of total registrations, highlighting strong housing demand in the city.
Mumbai experienced its best seven-month period, with record property registrations and revenue collections. From January to July, 2024, the city recorded 84,653 property registrations, marking a 16% increase from 72,713 registrations in the same period in 2023, and generated Rs 6,929 crore in revenue, up by 7% from Rs 6,452 crore last year.
During the same period, Mumbai registered an average of 12,093 properties per month, a 16% increase from 10,388 registrations per month in 2023. Average monthly revenue rose 7% to Rs 987 crore in 2024, compared to Rs 922 crore last year.
Chairman & Managing Director, Knight Frank India, Shishir Baijal said, “The steady growth in property registrations in Mumbai during the first seven months of 2024 highlights the city's strong and resilient real estate market. This growth has translated into higher sales volumes, with consistent monthly registrations exceeding 10,000 units, resulting in a significant boost in state revenue. Particularly, July 2024 marked the highest number of property registrations for any July month in 12 years, underscoring the market's strength. Despite higher property prices, buyer confidence remains high, driven by economic prosperity, a growing preference for homeownership, and favourable interest rates.”
In July 2024, there was a noticeable increase in the registration of apartments measuring between 500 sq ft and 1,000 sq ft, accounting for 49% of all property registrations. Meanwhile, apartments up to 500 sq ft made up 33% of the registrations, down from 38% in July 2023, indicating a shift towards larger apartments.
However, the share of property registrations in the western suburbs dropped from 57% in July 2023 to 50% in July 2024. Meanwhile, the central suburbs saw a significant increase, rising from 29% in July 2023 to 41% in July 2024, the report concluded.
