Mumbai’s property market has achieved a landmark performance in July 2024, recording its best-ever figures for the month. According to data from the Inspector General of Registration (IGR) and the Controller of Stamps, Maharashtra, the city saw over 12,129 property registrations, reflecting a robust 19% increase compared to the same period last year.
This surge has translated into a substantial rise in state revenue, with stamp duty collections exceeding INR 1,047 crore, marking a 26% year-on-year growth. This exceptional performance underscores the resilience and strength of Mumbai’s real estate sector, which continues to thrive despite prevailing challenges such as elevated mortgage rates and rising property prices. The steady increase in property registrations throughout the first seven months of 2024 highlights a dynamic and active market, with consistent monthly figures surpassing 10,000 units.
A spokesperson of Knight Frank India remarked on the strong buyer confidence driving this growth, attributing it to economic prosperity and a growing inclination towards homeownership. In July, residential units constituted a significant 80% of total registrations, demonstrating enduring demand in the housing sector.
A Real Estate developer added that positive market sentiment and ongoing infrastructure developments are likely to further bolster property transactions in the upcoming months, especially during the festive season. The focus on larger residential units was evident, with apartments between 500 and 1,000 sq ft making up 49% of the total registrations, whereas smaller units (up to 500 sq ft) saw a decline, comprising 33% of the registrations compared to 38% in July 2023. Ajmera Realty’s spokesperson highlighted the shift towards larger homes and the enhanced connectivity driving micro-market potential. This trend, coupled with increased liquidity among buyers, is facilitating lifestyle upgrades and contributing to the overall market buoyancy.
Over the past seven months, Mumbai has experienced its most successful period yet, with 84,653 property registrations and a 16% increase in annual figures. Revenue from stamp duty surged by 7% to INR 6,929 crore during this period. The average number of property registrations per month reached 12,093, up 16% from the previous year, while average monthly revenue increased by 7% to INR 987 crore. Notably, millennials, aged 28-43, have emerged as the predominant demographic in Mumbai’s property market, with Generation X (aged 44-59) also making a substantial impact. This demographic trend reflects the city’s strong property demand and a growing trend towards homeownership among younger and mid-aged professionals.
