Mumbai: Mumbai city is projected to record 12,518 property registrations in December 2024, generating Rs 1,154 crore in revenue for the state exchequer. Compared to the same period last year, property registrations noted a modest rise of 2%, while stamp duty collections increased by a robust 24% year-on-year (YoY), driven by a notable rise in high-value transactions, Knight FRank said in its report.
The total number of property sales registration for the year 2024 will reach 141,302 while revenue generated from property registrations for the year is estimated to stand at Rs 12,161 crore. Both these represent a new 13-year high.
On a sequential basis (month-on-month), property registrations in December 2024 increased by 23% YoY while stamp duty collection from property registrations increased by 25% in the same period. Residential properties accounted for 80% of total registrations in December.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said “Mumbai’s property market continues to showcase its resilience and adaptability. The steady rise in registrations and revenue highlights robust demand, especially for premium and spacious homes. In December 2024, Mumbai recorded 12,145 property registrations, reflecting a 23% month-on-month growth. Registrations for the full year (January to December 2024) remained strong as property registrations grew by 11% YoY, driving the fastest revenue growth in a decade at 12%. This trend reflects evolved homebuyer preferences for quality and value. The data also indicates Mumbai’s real estate market as a key driver of economic activity and an attractive long-term investment.”
There is a steady rise in registration in higher value properties in the city. In December 2024, properties priced at Rs 2 crore and above accounted for 23% of registrations, up from 18% in December 2023. Transactions in this segment totalled 2,879 properties, showcasing a growing inclination toward premium real estate.
Conversely, registrations for properties valued under Rs 50 lakh declined significantly, dropping from 30% to 25% share, indicative of a shift in buyer preferences towards higher-value segments.
Apartments measuring 1,000–2,000 sq ft grew in popularity, with their share rising from 8% to 12%, while the share of those over 2,000 sq ft remained stable at 2%. Smaller units up to 500 sq ft saw a sharp decline in registrations, falling from 51% to 35%, signalling a growing preference for spacious homes.
The Western Suburbs and Central Suburbs continued to dominate, accounting for 86% of total market share. However, the Central Suburbs experienced the most significant growth, increasing their share from 29% to 33%, while the Western Suburbs saw a slight decline from 57% to 53%. This growth reflects a surge in supply and heightened end-user interest in these locations.
Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd said, “Major factor influencing this trend has been the stellar infra-connectivity boost that has led to a significant rise in demand for real estate across various pockets, thus opening up ample opportunities for redevelopment. Along with this, the economic growth has been reflecting in the purchasing power of the masses as homebuyers are aspiring to upgrade their quality of living. The trends will continue to evolve and we will see more township developments in the coming year as standalone societies are aspiring to evolve into township models and avail the all-inclusive amenities.”
Amit Jain, Chairman & Managing Director, Arkade Developers said, “The numbers purely reflect the rise of purchase power despite tax pressures on home buyers and how real estate, among other physical investment avenue has been a preferred asset class over the last five years. We anticipate a similar momentum in 2025 and a complete transition of Home buyers to mid segment and luxury housing.”
