In the real estate landscape of Mumbai, a remarkable 12,000 property registrations were documented in May 2024. Fast forward to June 2024, the region experienced a steady uplift as property registrations surged by over 11%, climbing from 10,319 to 11,443 compared to the same month the previous year, based on insights from the Inspector General of Registration and Controller of Stamps of Maharashtra.
Delving into the numbers offered by the Maharashtra government, it becomes evident that stamp duty collections related to property registrations gained momentum, increasing by over 15%. This rise marked a leap from Rs 859 crore in June 2023 to an impressive Rs 986 crore in May 2024, with total stamp duty receipts hitting Rs 1,034 crore as of May 2024.
Sectorial analyses reveal that residential units comprise about 80% of all monthly property registrations within Mumbai. While there's a noticeable year-over-year growth in property registrations for June, the average registrations recorded for the first half of 2024 stood at 12,044 units—surpassing the average of 10,578 units during the same time frame in 2023. According to findings from Knight Frank India, this upward trend underscores the resilience of Mumbai’s residential market and reflects a continued sense of confidence among buyers.
Adding to these positive indicators, the government's average revenue gathered during the first half of 2024 registered Rs 974 crore, an increase of 8% relative to the average of Rs 906 crore in 2023. Factors contributing to this surge include a heightened volume and value of properties being registered, as noted in a report by Knight Frank India.
The ongoing year-over-year growth in property sale registrations serves as a testament to the fortitude of Mumbai's real estate sector. Factors such as robust GDP growth, escalating income levels, and a conducive interest rate landscape are anticipated to bolster this favorable trend, paving the way for an influx of potential buyers, asserts Shishir Baijal, Chairman & Managing Director of Knight Frank India.
In particular, properties measuring 1,000 square feet or less remain the top preference among purchasers. Notably, apartments spanning between 500 and 1,000 square feet have experienced a significant increase in June 2024, constituting 46% of all property registrations, whereas 36% accounted for apartments up to 500 square feet—a decline from 41% in June 2023.
This shift signals a clear inclination towards larger apartments, as the segment of units under 500 square feet decreased. Knight Frank India’s report indicates that 15% of all registrations were for residences exceeding 1,000 square feet.
Dhaval Ajmera, Director of Ajmera Realty and Infra India Ltd., shared insight, stating, "The home sales registrations for June 2024 have witnessed a rise compared to June 2023, reflecting decent growth over the past year. The influence behind this upward trajectory of housing demand continues to be the connectivity boost across the city and the redevelopment boom. This upbeat sentiment is here to stay, and we will continue to witness the demand to further amplify across all segments and micro-markets in this region, especially in the western suburbs and eastern belt of Sewree-Wadala."