Mumbai, April 30, 2024: Mumbai is expected to record property registration of 11,504 units in April 2024, adding over Rs 1,043 crore (cr) to the state exchequer, according to a Knight Frank India report. Revenue from property registrations has risen by 16% year-on-year (YoY) compared to the same time the previous year. The enduring confidence of homebuyers in the Mumbai market has maintained a positive outlook. This optimism has driven Mumbai’s property registrations consistently exceeding the 10,000 mark for the fourth consecutive month in 2024. Of the total registered properties, residential units constitute 80%, the report mentioned.
Revenue collection in April 2024 records best for the month of April in 12 years
According to the report, in April 2024, Mumbai witnessed the second-highest number of property registrations for the month of April in over 12 years, alongside its highest April stamp duty collection within that timeframe. This surge can be attributed to increasing income levels and a positive attitude towards homeownership.
Shishir Baijal, chairman & managing director, Knight Frank India, said, “The buoyant market conditions have significantly boosted the state treasury, marking its highest-ever revenue collection for April. Property registrations in April have surged by 9% compared to the previous year, highlighting the market’s attractiveness to potential homebuyers. This positive momentum is expected to persist, driven by robust economic growth and stable interest rates which is expected to remain constant.”
Properties up to 1,000 sqft continue to dominate property registrations
In April 2024, there was an increase in registration of apartments measuring up to 500 square foot (sqft), rising to 45% of all registrations. Conversely, the share of apartments of sizes ranging from 500 sqft to 1,000 sqft stood at 40% during the same period last year. Share of larger apartments measuring 1,000 sq ft and above remained stable at 15% during the year.
Central and Western suburbs continue to remain the most preferred location
According to the report, of the total properties registered, the city’s Central and Western suburbs together constituted over 73% as these locations are the hotbeds for new launches providing a wide range of modern amenities and good connectivity. The report said that 86% of Western suburb consumers and 92% of Central suburb consumers preferred to purchase within their micro market. This choice is influenced by the familiarity of the location and the availability of products that match their pricing and feature preferences.
73% of home buyers in April 2024 are Millennials and Generation X
Most property buyers in the MMR region in April 2024 were millennials or individuals aged 28-43, accounting for 37% of the total share. Following closely behind were individuals from Generation X, aged 44-59, constituting 36% of the buyers.
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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