Mumbai city (area under BMC jurisdiction) is expected to record property registration of 11,504 units in April 2024, adding over INR 1,043 Crores (Cr) to the state exchequer. Compared to the same time previous year revenue from property registrations has risen by 16% year-on-year (YoY).
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According to the latest assessment by real estate consultancy Knight Frank India, the enduring confidence of homebuyers in the Mumbai market has maintained a positive outlook. This optimism has driven Mumbai’s property registrations to consistently exceed the 10,000 mark for the fourth consecutive month in 2024. Of the overall registered properties, residential units constitute 80%.
Revenue collection in April 2024 records the best for April in 12 years:
In April 2024, Mumbai experienced the second-highest number of property registrations for April in over 12 years, alongside its highest April stamp duty collection within that time frame. This surge can be attributed to increasing income levels and a positive attitude towards homeownership.
Shishir Baijal, chairman & MD, 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 are expected to remain constant.”
Properties Up to 1,000 sq ft continue to dominate property registrations:
In April 2024, there was an increase in registration of apartments measuring up to 500 sq. ft., rising to 45% of all registrations. Conversely, the share of apartments ranging from 500 sq. ft. to 1,000 sq. ft. stood at 40% during the same period last year. The 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:
Of the total properties registered, Central and Western suburbs together constituted over 73% as these locations are the hotbeds for new launches offering a wide range of modern amenities and good connectivity. 86% of Western suburb consumers and 92% of Central suburb consumers opt to purchase within their micro market. This choice is influenced by the familiarity of the location, along with the availability of products that align with their pricing and feature preferences.
73% of home buyers in April 2024 are Millennials and Generation X:
In April 2024, most property buyers in Mumbai 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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