Mumbai’s property market has witnessed a robust surge in April, with registrations reaching 11,504 units, marking the second-highest figure for the month in over a decade, according to estimates by real estate consultancy firm Knight Frank India.
This notable uptick in registrations reflects a promising trend, indicating sustained momentum in the city’s real estate sector, following the previous year’s exceptional performance. Stamp duty collections from these registrations amounted to Rs 1,043 crore, representing a significant 16% increase compared to April 2023 and marking the highest collection for the month in 12 years. This surge in stamp duty revenue underscores the buoyancy and resilience of Mumbai’s property market, despite prevailing economic challenges. Notably, there has been a notable shift in the composition of registered properties, with an increase in registrations of apartments measuring up to 500 square feet. These smaller units accounted for 45% of all registrations in April, reflecting evolving buyer preferences and the growing demand for compact residential spaces.
The central and western suburbs have emerged as the most sought-after locations for property investments, collectively constituting over 73% of total registrations. This preference can be attributed to the availability of new launches offering modern amenities and excellent connectivity, thereby enhancing the overall appeal of these areas to prospective homebuyers. Millennials, aged between 28 and 43, emerged as the dominant demographic in Mumbai’s property market, representing 37% of total buyers in April 2024. Following closely behind were individuals from the Gen X cohort, aged 44 to 59, accounting for 36% of buyers. This demographic distribution reflects the evolving dynamics of Mumbai’s real estate landscape, with younger buyers playing an increasingly significant role in driving market activity.
Overall, the consistent surge in property registrations exceeding the 10,000 mark for the fourth consecutive month underscores the enduring confidence of homebuyers in the Mumbai market. With residential units constituting 80% of total registrations, the city’s property sector remains poised for continued growth and resilience in the coming months.
