Mumbai, September 30, 2024: Mumbai recorded over 1,05,664 property registrations in the first nine months of 2024, contributing more than Rs 8,892 crore to the state exchequer during this period, as per a Knight Frank India report. Property registrations observed a 12% year-on-year (YoY) growth while revenue grew by 6% YoY during the same period. Sustained buyer confidence has fueled consistent sales, driven by city’s property registration growth. In September 2024, Mumbai surpassed 1,00,000 property registrations, achieving this milestone faster than any other time in the past decade. In 2023, this mark was achieved in October.
The report mentions that this sustained momentum in property transactions stems from the rising economic prosperity and growing preference for homeownership among Mumbai’s residents. In September 2024, residential units constituted 80% of total registrations, underscoring strong housing demand in the city.
Mumbai property sale registration and government revenue collection
January – September (YTD 2013 –2024) collection
| YTD Registration | Sales Registration | YoY Change | Revenue (INR Cr) | YoY Change | |||||
| Jan to Sep-13 | 48,699 | NA | 2,681 | NA | |||||
| Jan to Sep-14 | 46,314 | -5% | 2,723 | 2% | |||||
| Jan to Sep-15 | 50,416 | 9% | 3,139 | 15% | |||||
| Jan to Sep-16 | 48,528 | -4% | 3,021 | -4% | |||||
| Jan to Sep-17 | 49,804 | 3% | 3,941 | 30% | |||||
| Jan to Sep-18 | 60,852 | 22% | 4,242 | 8% | |||||
| Jan to Sep-19 | 50,045 | -18% | 4,032 | -5% | |||||
| Jan to Sep-20 | 28,822 | -42% | 1,921 | -52% | |||||
| Jan to Sep-21 | 86,074 | 199% | 4,252 | 121% | |||||
| Jan to Sep-22 | 95,281 | 11% | 6,658 | 57% | |||||
| Jan to Sep-23 | 94,309 | -1% | 8,390 | 26% | |||||
| Jan to Sep-24* | 105,664 | 12% | 8,892 | 6% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
*Numbers for the month of September projected based on per day run rate
Mumbai property sale registration and government revenue collection
| Period | Registration (Units) |
YoY | MoM | Revenue (INR cr) |
YoY | MoM | |||||||
| Sep-23 | 10,694 | 24% | -2% | 1,127 | 54% | 39% | |||||||
| Oct-23 | 10,607 | 26% | -1% | 835 | 15% | -26% | |||||||
| Nov-23 | 9,736 | 9% | -8% | 712 | 4% | -15% | |||||||
| Dec-23 | 12,285 | 31% | 26% | 933 | 12% | 31% | |||||||
| Jan-24 | 10,967 | 22% | -11% | 760 | 10% | -19% | |||||||
| Feb-24 | 12,056 | 24% | 10% | 885 | -20% | 16% | |||||||
| Mar-24 | 14,149 | 8% | 17% | 1,123 | -8% | 27% | |||||||
| Apr-24 | 11,648 | 11% | -18% | 1,058 | 18% | -6% | |||||||
| May-24 | 12,000 | 22% | 3% | 1,034 | 24% | -2% | |||||||
| Jun-24 | 11,673 | 13% | -3% | 1,014 | 18% | -2% | |||||||
| Jul-24 | 12,373 | 21% | 6% | 1,064 | 28% | 5% | |||||||
| Aug-24 | 11,631 | 7% | -6% | 1,062 | 31% | 0% | |||||||
| Sep-24 | 9,167 | -14% | -21% | 892 | -21% | -16% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
*Numbers projected based on per day run rate
In September 2024, Mumbai recorded 9,167 property registrations, reflecting a 14% YoY decline, with revenue falling 21% YoY to Rs 892 cr. The decline in home registrations in September 2024 can be primarily attributed to the inauspicious days of ‘Shraadh’, which constituted 12 days of month in 2024, when traditionally individuals refrain from making significant purchases or engaging in high-value transactions. In 2023, Shraadh was observed from 29 September to 14 October.
Shishir Baijal, chairman and managing director, Knight Frank India, said “Mumbai’s residential market has sustained strong momentum in 2024, with September marking a key milestone as the city surpassed 100,000 property registrations—the fastest pace in a decade. It is also witnessed that transactions in properties priced at Rs 2 crore and above grew by 9% YoY. Steady homebuyer confidence, driven by a positive economic outlook and stable interest rates, led to the robust sales throughout the first nine months of the year.”
Higher value properties make up over 40% of the property registrations
| Category | Sep-23 | Sep-24 | |||
| less than 50 lakhs | 28% | 17% | |||
| 50 – 1 cr | 28% | 30% | |||
| 1cr – 2cr | 26% | 30% | |||
| 2cr and above | 18% | 23% |
| Category | Sep-23 | Sep-24 | |||
| less than 50 lakhs | 3,023 | 1,558 | |||
| 50 – 1 cr | 2,986 | 2,706 | |||
| 1 cr – 2 cr | 2,749 | 2,795 | |||
| 2 cr and above | 1,936 | 2,108 |
Demand for high-valued properties saw a significant increase, with properties priced at Rs 2 cr and above making up 23% of registrations in September 2024, up from 18% the previous year. Transactions in this segment totalled to 2,108 properties. Meanwhile, the share of properties valued at less than Rs 50 lakh dropped sharply, falling from 28% in September 2023 to 17% in September 2024.
Properties up to 1,000 sqft continue to lead in registrations
In September 2024, there was a significant increase in the registration of apartments measuring between 500 sqft to 1,000 sqft, accounting for 52% of all property registrations. Meanwhile, apartments measuring 1000 sqft and above jumped from 19% in 2023 to 22% in 2024, indicating a shift in preference towards larger apartments.
Area wise breakup of apartment sales
| Area (sq ft) | Share Sep 2023 | Share Sep 2024 | |||
| Up to 500 | 32% | 27% | |||
| 500 – 1,000 | 48% | 52% | |||
| 1,000 – 2,000 | 16% | 19% | |||
| over 2,000 | 3% | 3% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps
(IGR)
Western Suburb and Central Suburb account to 83% of the total market share
Micro-Market wise breakup of apartment sales
| Micro-market | Share in Sep 2023 | Share in Sep 2024 | |||
| Central Mumbai | 7% | 6% | |||
| Central Suburbs | 29% | 27% | |||
| South Mumbai | 7% | 10% | |||
| Western Suburbs | 57% | 57% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
In September 2024, share of property registrations in the western suburbs remained steady at 57% as compared to September 2023. Notably, South Mumbai observed a rise in share from 7% in September 2023 to 10% in September 2024.
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