Property buyers in Mumbai demand larger flats; registration up 16% in July
July 31st, 2024
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The Western and Central Suburbs of Mumbai continue to be the preferred choices for property buyers
Property registrations in the Mumbai real estate market grew by more than 16% to touch 12,160 in July 2024 from 10,221 a year earlier, according to the data shared by the Inspector General of Registration and Controller of Stamps of Maharashtra and Knight Frank India. In June 2024, a total of 11,673 property registrations were reported in the Mumbai real estate market. The revenue generated from these transactions amounted to Rs 1,055 crore, a 27% rise from the previous year.
"The steady growth in property registrations in Mumbai during the first seven months of 2024 showcases the city's robust real estate market. Despite higher property prices, buyer confidence remains high, driven by economic prosperity, a growing preference for homeownership, and favourable interest rates," says Shishir Baijal, Chairman & Managing Director of Knight Frank India.
Key statistics
From January to July 2024, Mumbai saw 84,653 property registrations, a 16% increase from the same period in 2023. This period also marked an impressive revenue collection of Rs 6,929 crore, up 7% from the previous year. The monthly average of property registrations stood at 12,093, with an average revenue of Rs 987 crore.
Mumbai property registration: January - July each year
- 2013:
Registrations: 39,804 units
Revenue: Rs 2,195 crore - 2014:
Registrations: 36,502 units
Revenue: Rs 2,043 crore - 2015:
Registrations: 40,036 units
Revenue: Rs 2,422 crore - 2016:
Registrations: 38,655 units
Revenue: Rs 2,409 crore - 2017:
Registrations: 39,204 units
Revenue: Rs 3,151 crore - 2018:
Registrations: 48,077 units
Revenue: Rs 3,367 crore - 2019:
Registrations: 40,140 units
Revenue: Rs 3,185 crore - 2020:
Registrations: 20,583 units
Revenue: Rs 1,564 crore - 2021:
Registrations: 71,486 units
Revenue: Rs 3,303 crore - 2022:
Registrations: 78,101 units
Revenue: Rs 5,280 crore - 2023:
Registrations: 72,713 units
Revenue: Rs 6,452 crore - 2024:
Registrations: 84,653 units
Revenue: Rs 6,929 crore
- Total registrations (January-July 2024): 84,653
- YoY increase in registrations: 16%
- Total revenue ( January-July 2024): Rs 6,929 crore
- YoY revenue increase: 7%
- Monthly average registrations: 12,093
- Monthly average revenue: Rs 987 crore
- Demand for larger apartments grows
- In July 2024, there was a noticeable shift towards larger apartments:
Apartments 500-1,000 sq ft: 49% of total registrations
Apartments up to 500 sq ft: Decreased from 38% in July 2023 to 33% in July 2024
The Western and Central Suburbs of Mumbai continue to be the preferred choices for property buyers, together accounting for 73% of the total market share. However, there has been a notable shift in preference towards the Central Suburbs, which saw a significant rise from 29% in July 2023 to 41% in July 2024. Meanwhile, the Western Suburbs' share decreased from 57% to 50%.
Source: business-standard.com
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