Property buyers in Mumbai demand larger flats; registration up 16% in July

Property registrations in the Mumbai real estate market grew by more than 16% to touch 12,160 in July 2024 from 10,221 a year earlier, according to the data shared by the Inspector General of Registration and Controller of Stamps of Maharashtra and Knight Frank India. In June 2024, a total of 11,673 property registrations were reported in the Mumbai real estate market. The revenue generated from these transactions amounted to Rs 1,055 crore, a 27% rise from the previous year.

"The steady growth in property registrations in Mumbai during the first seven months of 2024 showcases the city's robust real estate market. Despite higher property prices, buyer confidence remains high, driven by economic prosperity, a growing preference for homeownership, and favourable interest rates," says Shishir Baijal, Chairman & Managing Director of Knight Frank India.

Key statistics

From January to July 2024, Mumbai saw 84,653 property registrations, a 16% increase from the same period in 2023. This period also marked an impressive revenue collection of Rs 6,929 crore, up 7% from the previous year. The monthly average of property registrations stood at 12,093, with an average revenue of Rs 987 crore.

Mumbai property registration: January - July each year

2013:

Registrations: 39,804 units

Revenue: Rs 2,195 crore

2014:

Registrations: 36,502 units

Revenue: Rs 2,043 crore

2015:

Registrations: 40,036 units

Revenue: Rs 2,422 crore

2016:

Registrations: 38,655 units

Revenue: Rs 2,409 crore

2017:

Registrations: 39,204 units

Revenue: Rs 3,151 crore

2018:

Registrations: 48,077 units

Revenue: Rs 3,367 crore

2019:

Registrations: 40,140 units

Revenue: Rs 3,185 crore

2020:

Registrations: 20,583 units

Revenue: Rs 1,564 crore

2021:

Registrations: 71,486 units

Revenue: Rs 3,303 crore

2022:

Registrations: 78,101 units

Revenue: Rs 5,280 crore

2023:

Registrations: 72,713 units

Revenue: Rs 6,452 crore

2024:

Registrations: 84,653 units

Revenue: Rs 6,929 crore

Total registrations (January-July 2024): 84,653

YoY increase in registrations: 16%

Total revenue ( January-July 2024): Rs 6,929 crore

YoY revenue increase: 7%

Monthly average registrations: 12,093

Monthly average revenue: Rs 987 crore

Demand for larger apartments grows

In July 2024, there was a noticeable shift towards larger apartments:

Apartments 500-1,000 sq ft: 49% of total registrations

Apartments up to 500 sq ft: Decreased from 38% in July 2023 to 33% in July 2024

Western and Central Suburbs dominate the market

The Western and Central Suburbs of Mumbai continue to be the preferred choices for property buyers, together accounting for 73% of the total market share. However, there has been a notable shift in preference towards the Central Suburbs, which saw a significant rise from 29% in July 2023 to 41% in July 2024. Meanwhile, the Western Suburbs' share decreased from 57% to 50%.