Updated March 1st, 2024 at 12:36 IST

Mumbai realty skyrockets: Jan 2024 sees record-breaking property registrations in 12 years

The city witnessed a surge in registrations, with 10,901 properties registered in January 2024, marking a substantial 21% YoY increase.

Reported by: Business Desk
Real estate stocks 2024 | Image:Freepik
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Mumbai realty skyrockets: The Mumbai residential market has kicked off 2024 with strong momentum, recording the highest number of property registrations in the month of January in the past 12 years, according to a Knight Frank report. The city witnessed a surge in registrations, with 10,901 properties registered in January 2024, marking a substantial 21 per cent Year-on-Year (YoY) increase. The positive trend also translated into an 8 per cent YoY growth in revenue, contributing Rs 746 crore to the state government.

Buoyant stamp duty collections

Stamp duty collections from property registrations remained robust, increasing by 8 per cent YoY to Rs 746 crore. This growth is indicative of the ongoing confidence in the Mumbai real estate market. Of the registered properties in January 2024, 58 per cent were valued at Rs1 crore and above. This indicates an inclination towards premium properties, showcasing the city's resilience and attractiveness in the premium segment.

The report revealed that January 2024 marked the highest number of property registrations in any January month in the past 12 years. This surge is attributed to rising income levels, a favourable perception towards homeownership, and an overall positive economic outlook. Properties in the 500-1000 sq ft range continued to dominate registrations, accounting for 43 per cent in January 2024. However, there was a noticeable increase in the share of apartments measuring 500 sq ft and below, rising to 48 per cent, indicating a diverse range of property preferences.

Central and Western suburbs preferred

Central and Western suburbs remained the most preferred locations for property purchases, constituting over 75 per cent of total registrations. Familiarity with the location, coupled with modern amenities and good connectivity, contributed to the popularity of these areas.

The report also highlighted a consistent increase in the share of property registrations valued at Rs 1 crore and above over the past few years, reaching 58 per cent in January 2024. This trend is attributed to the surge in property prices and a relatively smaller impact on the higher value segment from economic headwinds.

Shishir Baijal, Chairperson & MD, Knight Frank India, commented on the performance of the Mumbai residential market, emphasising the sustained strength in the premium segment and expressing optimism about the market's continued positive trajectory. 
 

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Published February 4th, 2024 at 19:40 IST