Mumbai sees highest-ever property registrations in 13 years in 2024

Mumbai:  Mumbai had over 1.41 lakh property registrations in 2024 — the highest in 13 years – and an 11 per cent growth from 2023, according to a new report

According to data sourced from the Inspector General of Registration and Controller of Stamps of Maharashtra, the revenue from property registrations through stamp duty collections grew by 12 per cent year-on-year, estimated at Rs 12,161 crore, compared to Rs 10,871 crore in 2023.

Residential properties constituted 80 per cent of the total registered properties, while non-residential assets accounted for the remaining 20 per cent, according to a report by Knight Frank India.

December witnessed 12,518 property registrations, contributing Rs 1,154 crore to the state exchequer surpassing the December 2023 figures of 12,285 registrations and Rs 933 crore in revenue.

The premium housing segment saw significant traction. Properties priced at Rs 2 crore and above accounted for 23 per cent of total registrations in December, up from 18 per cent in December 2023.

Meanwhile, properties valued under Rs 50 lakh saw a decline in their market share, dropping from 30 per cent in 2023 to 25 per cent in 2024, reflecting a shift in buyer preferences towards higher-value assets, Knight Frank India said in its report.

Western and Central suburbs maintained their dominance, contributing 86 per cent of the total market share.

According to Prashant Sharma, President, NAREDCO Maharashtra, the remarkable growth in Mumbai’s property registrations underscores the resilience and robust demand within the city’s real estate market.

“The significant rise in stamp duty collections highlights the growing preference for premium properties, reflecting buyer confidence. As Mumbai continues to attract end-users and investors alike, this positive trend reaffirms the city’s position as a dynamic and lucrative real estate hub,” he said.

–IANS