In June 2024, the real estate market in Mumbai saw a significant increase in property registrations and stamp duty collections, highlighting the sector’s resilience and the confidence of homebuyers. Data from the Inspector General of Registration and Controller of Stamps of Maharashtra shows that property registrations grew by over 11% to 11,443 in June 2024, up from 10,319 in June 2023. In May 2024, the market recorded a total of 12,000 property registrations.
Simultaneously, stamp duty collections in the Mumbai real estate market saw a significant increase of over 15%, rising to ₹986 crore in June 2024 from ₹859 crore in June 2023. The collections for May 2024 stood at an impressive ₹1,034 crore. Residential units continued to dominate the monthly property registrations in Mumbai, constituting roughly 80% of the total.
An analysis by Knight Frank India, a prominent real estate consultancy, revealed that the average number of registrations in the first half of 2024 exceeded the twelve-month average of 2023. Specifically, the average recorded registrations in H1 2024 were 12,044 units, compared to the 10,578 units registered in the first six months of 2023. This growth highlights the sustained strength of Mumbai’s residential market. Knight Frank India’s report also noted a rise in average government revenue collections. In the first six months of 2024, the average revenue collection was ₹974 crore, which was 8% higher than the ₹906 crore average in 2023. The increase in revenue is attributed to the higher volume and value of properties being registered.
In June 2024, there was a marked increase in the registration of larger apartments. Apartments measuring between 500 sqft and 1,000 sqft accounted for 46% of all property registrations, indicating a shift in buyer preference. In contrast, the share of apartments up to 500 sqft declined to 36% from 41% in June 2023. Apartments measuring 1,000 sqft and above comprised 15% of the total registrations, further illustrating the trend towards larger living spaces.
The Mumbai real estate market’s performance in June 2024 reflects a robust and growing sector, buoyed by favourable economic conditions and a clear shift towards larger residential units.
