Mumbai Real Estate Update: April 2024
Real estate buyers in April 2024 were predominantly millennials, aged 28 to 43, constituting 37% of the total. Property registrations in Mumbai’s real estate market increased by approximately 9% to 14,149 in April 2024, compared to 11,514 the previous year.
Stamp Duty Collections
Stamp duty collections from property registrations rose by 16% to Rs 1,043 crore in April 2024 from Rs 900 crore the previous year, as per Maharashtra government data.
Monthly Property Registrations
In March 2024, there were 14,149 property registrations, with stamp duty collections totaling Rs 1,123 crore.
Residential Units Dominate
According to Knight Frank India, residential units accounted for 80% of the properties registered in the Mumbai real estate market as of April 2024. Properties measuring up to 500 square feet were the most purchased size in April 2024, with 45% of registrations in this category.
GenZ and Millennials Lead Homebuyers
Property buyers in April 2024 were predominantly millennials (aged 28 to 43), accounting for 37% of the total. Individuals from Generation X, aged 44 to 59, followed closely behind, accounting for 36% of all buyers. Additionally, 6% of homebuyers were Generation Z under age 28, while 18% were between ages 60 and 78.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented: "Bountiful market conditions have significantly boosted the state treasury, resulting in its highest-ever revenue collection in April. Property registrations in April increased by 9% over the previous year, highlighting the market’s appeal to prospective buyers."
Highest Stamp Duty Collections
Over the past 12 years, the Mumbai real estate market has had the second-highest property registrations and the highest stamp duty collections in April. Knight Frank reports that rising incomes and positive attitudes towards homeownership contribute to this trend.
Central and Western Suburbs Dominate
Central and western suburbs accounted for more than 73% of total property registrations, as these areas are hotbeds for new launches with a range of modern amenities and good connectivity.