The Mumbai real estate market closed 2024 on a high note, setting new records in property registrations and revenue generation. According to data from the Inspector General of Registration and Controller of Stamps of Maharashtra, the city registered 1,41,202 properties, an 11% increase compared to 1,26,937 properties in 2023. This surge has positioned Mumbai as a key driver of Maharashtra’s economic growth.
The total revenue generated from property registrations, primarily through stamp duty, reached ₹12,161 crore, a 12% rise from ₹10,871 crore in 2023. This growth underscores the market’s resilience and highlights the continued interest in Mumbai as a prime real estate destination.
December alone witnessed significant activity:
The data from Knight Frank India, a leading real estate consultancy firm, revealed a shift in buyer preferences:
Residential units dominated the market, constituting 80% of the total registered properties. Non-residential assets made up the remaining 20%, reinforcing Mumbai’s dual role as both a residential hub and a commercial powerhouse.
2024 marked the highest number of property registrations in 13 years, surpassing previous milestones:
Historically, property registrations before 2020 remained below 1 lakh, showcasing the sector’s remarkable growth trajectory in recent years.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, remarked: “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. 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.”
Mumbai’s real estate market remains a cornerstone of the city’s economy, with sustained growth in both property registrations and revenue. The upward trend in premium property transactions and the city’s consistent appeal as an investment hub signal a promising outlook for 2025. For both homebuyers and investors, Mumbai continues to offer unparalleled opportunities.
Stay tuned for more updates and insights as the city gears up for another dynamic year in real estate.
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