Mumbai’s property market continues its upward trajectory with high-value deals, reflecting sustained demand and robust growth. Bollywood actress and Member of Parliament Kangana Ranaut recently sold her ground-plus-three-storeyed row house in the prime Pali Hill locality of Bandra for a significant ₹32 crore. The transaction, finalized with Kamalini Holdings, involved a 3,075 square foot property in Chetak Cooperative Housing Society on Nargis Dutt Road, one of the city’s most coveted residential areas.
According to sources the buyer paid a stamp duty of ₹1.92 crore. The property also includes a dedicated garage for parking. This transaction comes on the heels of another celebrity real estate move, with actor Ajay Devgn leasing out his commercial office space in Andheri to Kabir Khan Entertainment for a monthly rent of ₹7 lakh. Devgn’s 3,455-square-foot office, located in the Signature Tower on Veera Desai Road, includes three parking spaces and a deposit of ₹30 lakh. The lease is set for 60 months, with a stamp duty of ₹1.12 lakh paid upon agreement.
These high-profile transactions underscore Mumbai’s vibrant property market, which recorded approximately 11,735 registrations in August 2024, contributing over ₹1,072 crore to the state’s exchequer. This marks an 8% year-on-year (YoY) increase in property registrations and a 32% YoY rise in revenue. The sustained growth is attributed to heightened economic confidence and a growing preference for homeownership among the city’s residents. Residential properties dominated the market, accounting for 80% of total registrations in August. This strong demand has led to record-breaking figures for the first eight months of 2024. Between January and August, the city saw 96,601 property registrations, a 16% increase from the same period in 2023. Revenue from these registrations reached ₹8,010 crore, up by 10% from the previous year.
The city’s average monthly registrations have risen to 12,075 properties, reflecting an ongoing upward trend in the real estate sector. Analysts believe this momentum is driven by multiple factors, including Mumbai’s sustained economic growth, a favourable interest rate environment, and a stable regulatory framework. The city’s property market remains attractive for both investors and end-users, bolstered by a mix of high-value residential and commercial transactions. As the financial capital of India, Mumbai continues to experience strong demand for real estate, making it a significant contributor to the state’s overall economic health. The steady increase in property transactions highlights a resilient market that shows no signs of slowing down.
