Property registrations in the Mumbai real estate sector saw a notable uptick, recording a 9% increase to 11,504 in April 2024 compared to 10,514 in the previous year. Stamp duty collections from these registrations also witnessed a significant rise, soaring by 16% to Rs 1,043 crore from Rs 900 crore last year, as per Maharashtra government data.
In March 2024, the total number of property registrations was 14,149, accompanied by stamp duty collections of Rs 1,123 crore.
Knight Frank India’s analysis of the data revealed that residential units accounted for 80% of the properties registered in April 2024. Among these, properties measuring up to 500 sq ft dominated, constituting 45% of registrations for the month.
Majority of Homebuyers
Millennials, aged 28-43, emerged as the primary group of property buyers, representing 37% of the total share in April 2024. Following closely were individuals from Generation X, aged 44-59, comprising 36% of buyers. Additionally, 6% of homebuyers were from GenZ (below 28 years), while 18% fell in the age group of 60 to 78.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, remarked, “The buoyant market conditions have significantly boosted the state treasury, marking its highest-ever revenue collection for April. Property registrations in April have surged 9% over the previous year, highlighting the market’s attractiveness to potential homebuyers.”
Highest Stamp Duty Collections
April 2024 witnessed the second-highest number of property registrations for the month in over 12 years in the Mumbai real estate market, accompanied by its highest April stamp duty collection within that timeframe. This surge is attributed to increasing income levels and a positive attitude towards homeownership. Central and western suburbs constituted over 73% of the property registrations, reflecting their status as hotspots for new launches with modern amenities and good connectivity.
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