Mumbai: Property registration in June sees 11% Year-on-Year Growth

The data on Mumbai’s real estate reveals inclination towards larger apartments, while declining share of houses less than 500 sq.ft.

Date: July 1, 2024

According to a report released by the Knight Frank India, Mumbai saw highest property registrations at 11,443 in the last 12 years in June 2024.

With this, the Mumbai real estate’s market grew by more than 11%, compared to a year earlier during this period (YoY), the Inspector General of Registration and Controller of Stamps of Maharashtra data stated. In June 2023, Mumbai had witnessed 10,319 property registrations.

The report further stated that this upsurge has been attributed to rising economic prosperity and a favourable sentiment towards homeownership.

Meanwhile, in May 2024, a total of 12,000 property registrations were reported in the Mumbai real estate market, which saw a fall of nearly 4 per cent.

Additionally, the Maharashtra government data revealed that stamp duty collections from property registrations went up by more than 15% to ₹986 crore in May 2024. In June 2023, it stood at ₹859 crores.

Moreover, the average government revenue collection amounted to ₹974 crores in the first six months of 2024. It was 8 per cent higher than last year’s collection of ₹906 crores in 2023.

Preferable Sizes of Property:

Reports stated that around 46 per cent of the sales were of homes with sizes between 500 to 1000 sq.ft. Besides, apartments measuring up to 500 sq.ft saw 36 per cent of the registrations, which is down from 41 per cent in June 2023.  The total registrations of those apartments measuring more than 1,000 sq.ft were 15 per cent.