In November 2024, Mumbai’s real estate market registered over 9,419 property transactions, contributing Rs 826 crore to state revenue, according to Knight Frank. While this marked a 3% drop in registrations compared to November 2023, stamp duty collections surged by 16%, driven by high-value transactions. The month-on-month dip of 27% in registrations and 31% in revenue followed a seasonal peak during the October festivities of Diwali and Navratri, as well as the impact of state elections.
The first eleven months of 2024 witnessed a record-breaking 127,987 property registrations, a 12% increase from the previous year. Revenue collections for the period soared to nearly Rs 11,000 crore, representing the fastest decade-long growth at 10% year-on-year. These figures reflect Mumbai’s economic vitality and growing demand for homeownership, particularly for premium properties. Chairman & Managing Director of Knight Frank India, highlighted the market’s adaptability and resilience. “Despite a slight decline in year-on-year registrations, the revenue increase underscores the market’s shift towards high-value transactions,” he noted. Notably, properties priced at Rs 2 crore and above comprised 23% of November registrations, up from 17% last year. Meanwhile, properties under Rs 50 lakh accounted for 20%, down from 28%.
Apartments ranging from 500 to 1,000 sq ft remained most sought after, making up 48% of registrations. Larger apartments (1,000–2,000 sq ft) grew in popularity, rising from 8% to 14%, while smaller units (up to 500 sq ft) declined from 47% to 33%. Geographically, the Central Suburbs gained market share, rising to 31%, while South Mumbai increased its share to 9%, attributed to rising supply. Western Suburbs’ share dipped slightly from 57% to 53%, and Central Mumbai remained stable at 7%. Dhaval Ajmera, Director of Ajmera Realty, pointed out that November marked the highest home sales in five years. Factors such as stable monetary policies, rising purchasing power, and demand for larger homes have driven this momentum. Amit Jain, Chairman of Arkade Developers, echoed similar optimism, anticipating improved sales in December due to NRI investments and year-end home purchases.
