In July 2024, the Mumbai real estate market witnessed a significant growth of over 19% in property registrations, with the numbers reaching 12,160 compared to 10,221 registrations recorded in the same month last year, as per data from Knight Frank.
June 2024 also saw strong activity, with 11,673 properties registered. Additionally, stamp duty collections experienced a robust increase of more than 27%, rising to ₹1,055 crore in July 2024 from ₹832 crore in July 2023. The collections for June 2024 were ₹1,014 crore, highlighting sustained momentum in the market.
Commenting on the Knight Frank figures, Prashant Sharma, President, NAREDCO Maharashtra, said, “The sustained growth in property registrations in Mumbai, reflected in the impressive year-on-year increase in July 2024, underscores the resilience and robustness of the city’s real estate market.
“The figures demonstrate not only a strong buyer confidence but also the effectiveness of various policy initiatives and economic factors that have stimulated demand. The corresponding rise in stamp duty collections further highlights the ongoing momentum in property transactions, indicating a healthy market appetite. As we move forward, it is crucial to continue fostering an environment that supports this growth, ensuring that the real estate sector remains a key driver of economic progress in Maharashtra.”
Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI, added that the substantial increase in property registrations and the rise in stamp duty collections in Mumbai for July 2024 reflect a robust market rebound and growing consumer confidence.
“The shift towards larger residential units is indicative of evolving home buyer preferences. This trend underscores the market’s resilience and the ongoing demand for more spacious living options in Mumbai. We continue to remain optimistic about the continued growth and stability of the real estate sector in the region.”
Reacting to the figures, Vedanshu Kedia, Director, Prescon Group, added that the substantial increase in home sales highlights the strong demand for home ownership and the priority buyers place on it. This trend is bolstered by robust economic growth, favorable mortgage rates, and a rising preference for luxury living. The appeal of upscale amenities and high-end features has particularly driven momentum in the housing market, leading to bigger homes and higher sales figures in the luxury segment.”