Mumbai Achieves Record Property Registrations in 2024, Highest in Over a Decade
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Mumbai, Jan 2 (NationPress) In 2024, Mumbai saw a staggering over 1.41 lakh property registrations, marking the highest level in 13 years with an impressive 11 percent growth from the previous year, based on a new report.
Data obtained from the Inspector General of Registration and Controller of Stamps of Maharashtra indicates that the revenue generated from property registrations through stamp duty collections increased by 12 percent year-on-year, amounting to Rs 12,161 crore, compared to Rs 10,871 crore in 2023.
Residential properties comprised 80 percent of the total registered properties, while non-residential assets made up the remaining 20 percent, as reported by Knight Frank India.
In December alone, 12,518 property registrations were recorded, contributing Rs 1,154 crore to the state’s revenue, surpassing the December 2023 figures of 12,285 registrations and Rs 933 crore in revenue.
The premium housing segment experienced notable growth, with properties priced at Rs 2 crore and above constituting 23 percent of total registrations in December, up from 18 percent in December 2023.
Conversely, properties valued below Rs 50 lakh saw a decrease in their market share, dropping from 30 percent in 2023 to 25 percent in 2024, indicating a shift in buyer preferences towards higher-value assets, as highlighted in Knight Frank India’s report.
The Western and Central suburbs continued to dominate the market, accounting for 86 percent of the total market share.
Prashant Sharma, President of NAREDCO Maharashtra, noted that the remarkable surge in Mumbai’s property registrations emphasizes the resilience and strong demand within the city’s real estate sector.
“The significant increase in stamp duty collections reflects the growing preference for premium properties, showcasing buyer confidence. As Mumbai continues to attract both end-users and investors, this positive trend reinforces the city’s status as a dynamically lucrative real estate hub,” he stated.
