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Mumbai city, under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC), is projected to record 12,518 property registrations in December 2024, generating Rs 1,154 crores in revenue for the state exchequer, according to the report by Knight Frank.
The report added that compared to the same period last year, property registrations noted a modest rise of 2 per cent, while stamp duty collections increased by a robust 24 per cent year-on-year (YoY), driven by a notable rise in high-value transactions. The total number of property sales registration for the year 2024 will reach 141,302 while revenue generated from property registrations for the year is estimated to stand at Rs 12,161 Crore. Both these represent a new 13-year high. On a sequential basis (month-on-month), property registrations in December 2024 increased by 23 per cent YoY while stamp duty collection from property registrations increased by 25 per cent in the same period. Residential properties accounted for 80 per cent of total registrations in December. Shishir Baijal, Chairman & Managing Director, Knight Frank India, said "The steady rise in registrations and revenue highlights robust demand, especially for premium and spacious homes. The data also indicates Mumbai's real estate market as a key driver of economic activity and an attractive long-term investment." As per the report there is a steady rise in registration in higher value properties in the city. In December 2024, properties priced at Rs 2 crore and above accounted for 23 per cent of registrations, up from 18 per cent in December 2023. Transactions in this segment totalled 2,879 properties, showcasing a growing inclination toward premium real estate. Conversely, registrations for properties valued under Rs 50 lakh declined significantly, dropping from 30 per cent to 25 per cent share, indicative of a shift in buyer preferences towards higher-value segments. Apartments measuring 1,000-2,000 sq ft grew in popularity, with their share rising from 8 per cent to 12 per cent, while the share of those over 2,000 sq ft remained stable at 2 per cent. Smaller units up to 500 sq ft saw a sharp decline in registrations, falling from 51 per cent to 35 per cent, signalling a growing preference for spacious homes. The Western Suburbs and Central Suburbs continued to dominate, accounting for 86 per cent of total market share. However, the Central Suburbs experienced the most significant growth, increasing their share from 29 per cent to 33 per cent, while the Western Suburbs saw a slight decline from 57 per cent to 53 per cent. This growth reflects a surge in supply and heightened end-user interest in these locations, the report added. (ANI)
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