The Mumbai real estate market has shown remarkable growth in 2024 with property registrations in the city rising by 12 per cent year-on-year to cross 1 lakh deals from January to September this year.
According to data from Knight Frank India, the Mumbai municipal region recorded 105,664 property registrations during this period, compared to 94,309 units in the same period last year.
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Key highlights:
– Over 105,664 properties registered in the first nine months of 2024, up 12 per cent year-on-year (Y-o-Y).
– State revenue from property sales registrations reached ~8,892 crores, a 6 per cent Y-o-Y increase.
– Residential units constituted 80 per cent of total registrations in September 2024.
Market dynamics
The sustained momentum in property transactions is attributed to rising economic prosperity and a growing preference for homeownership among Mumbai’s residents.
Shishir Baijal, Chairman & Managing Director of 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.”
Shift towards higher-value properties
A notable trend in 2024 is the increasing demand for high-value properties. In September 2024:
– Properties priced at Rs 2 crore and above made up 23 per cent of registrations, up from 18 per cent in September 2023
– The share of properties valued under Rs 50 lakh dropped from 28 per cent to 17 per cent
Preference for larger spaces
The data also reveals a shift towards larger living spaces:
– Apartments between 500-1,000 sq ft accounted for 52 per cent of all property registrations
– The share of apartments 1,000 sq ft and above increased from 19 per cent in 2023 to 22 per cent in 2024
Geographic trends
Western and Central suburbs continue to dominate the market, accounting for 83 per cent of total registrations. Interestingly, South Mumbai saw an increase in its market share, rising from 7 per cent in September 2023 to 10 per cent in September 2024.
September slowdown
Despite the overall positive trend, September 2024 saw a 14 per cent
Y-o-Y decline in registrations, with revenue falling 21 per cent Y-o-Y to Rs 892 crores. This dip is largely attributed to the inauspicious ‘shraadh’ period, which lasted 12 days in September 2024.
“We expect this trend to persist, especially with the festive season approaching and the anticipation of an interest rate cut by the RBI in the upcoming monetary policy review. This expectation is further supported by the recent 50 bps rate cut by the Federal Reserve, which has been followed by other countries, fuelling optimism for a similar move in India,” said Akhil Saraf, founder and CEO of proptech firm Reloy.
First Published: Oct 02 2024 | 4:55 PM IST
