Mumbai’s real estate market displayed resilience in November 2024, with property registrations rising 5% year-on-year, reaching 10,216 units compared to 9,736 units in November 2023, according to data from Knight Frank India. While registrations dipped from October’s high of 12,960 units, the sustained year-on-year growth reflects continued demand in the housing sector, bolstered by interest in premium properties.
Stamp duty collections surged 30% in November 2024 compared to the same month last year, suggesting a marked increase in high-value transactions. Properties priced at ₹2 crore and above accounted for 23% of total registrations, up from 17% in November 2023. In absolute terms, this translates to 2,147 properties in the premium segment. Conversely, the share of properties priced below ₹50 lakh fell from 28% last year to 20% this year, indicating a shift in buyer preferences. Industry analysts attribute this trend to a combination of evolving aspirations, rising incomes, and investor confidence in Mumbai’s robust real estate ecosystem. The city’s luxury housing market has also benefited from favourable policies and infrastructure development.
Prashant Sharma, President of NAREDCO Maharashtra, remarked, “The 5% year-on-year growth in registrations and the substantial rise in stamp duty collections underscore the strength of Mumbai’s real estate market. The growing demand for premium properties reflects changing buyer priorities and a maturing market. It is imperative to support this momentum with policies that incentivise investments in high-value housing and continue enhancing urban infrastructure.” Experts suggest that November’s decline from October’s peak may be attributed to the conclusion of a strong festive season and state elections. However, the broader trend of rising interest in premium properties indicates sustained optimism in the market. This data underscores the dynamic nature of Mumbai’s real estate sector, where high-value properties are increasingly driving growth, reshaping the housing market landscape.
