Property registrations in Mumbai in July rose 20 per cent y-o-y and 5 per cent m-o-m to 12,266 units, as demand for homes continued with developers maintaining their high-decibel hard sell.
Stamp duty collections at ₹1,054.5 crore rose over 27 per cent y-o-y, State government data showed. Of the total registrations, residential units accounted for 80 per cent, said Knight Frank India in its analysis.
July marked the twelfth consecutive month of sales growth in the city and the fourth consecutive month of revenue growth for the State. “This surge in property transactions is attributed to heightened economic prosperity and a rising preference for homeownership among Mumbai residents,” Knight Frank said.
“The steady growth in property registrations in Mumbai during the first seven months of 2024 highlights the city’s strong and resilient real estate market. This growth has translated into higher sales volumes, with consistent monthly registrations exceeding 10,000 units, resulting in a significant boost in State revenue,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.
He pointed out that the demand was sustained despite the high property prices.
An analysis of the data by the property consultant showed that nearly half of the demand was for properties sized 500 to 1,000 square feet. There was a distinct dip in smaller-sized homes while there was an increase in the share of larger-sized homes.
“There is resilience in demand for bigger and better homes across the financial capital as the redefined connectivity network is driving the micro-markets to their utmost potential,” said Dhaval Ajmera, Director, Ajmera Realty & Infra India. He added, “Alongside this, a strong flow of liquidity in the hands of the masses continues to empower them to upgrade their lifestyle quotient.”
Developers are now gearing up for the festival season with a slew of launches lined up for the second half of the year, while incentives are also being worked out to keep the momentum going.
For the State of Maharashtra as a whole, property registration rose 6 per cent 1.42 lakh units, while revenue collected increased 15.3 per cent to ₹3,062.8 crore, indicating that demand is sustaining outside Mumbai as well.
For the state of Maharashtra as a whole, property registrations rose 6% to 1.42 lakh units, while revenue collected increased 15.3% to ₹3,062.8 crore, indicating that demand is sustaining outside Mumbai as well.