Mumbai Property Market Sees 12% Growth in Registrations - A Milestone in 2024 Mumbai Real Estate

Property Registrations Surge by 12% in 2024 as Mumbai’s real estate market continues its upward trajectory, with property registrations in Greater Mumbai recording over 1.5 lakh registrations in the first nine months of 2024. This significant growth represents a 12% year-on-year (YoY) increase in registrations and has contributed a substantial Rs 8,892 crore to the state exchequer.

Consistent Buyer Confidence Drives Sales

Despite certain seasonal fluctuations, sustained buyer confidence has played a pivotal role in driving property sales. By September 2024, Mumbai had surpassed 100,000 property registrations, achieving this milestone faster than any other year in the past decade. For comparison, in 2023, this achievement came in October.

Residential Market Remains Strong

A significant portion of this growth comes from residential properties, which made up 80% of all registrations in September 2024, indicating robust demand for housing in Mumbai. In terms of property preferences, apartments measuring between 500 to 1,000 square feet accounted for 52% of registrations, while larger apartments measuring over 1,000 square feet saw an increase in demand, rising from 19% in 2023 to 22% in 2024.

Challenges in September 2024

Despite the overall positive outlook, September 2024 saw a temporary decline in property registrations, with the city recording 9,167 registrations—a 14% YoY decrease. Revenue also dropped by 21% YoY, amounting to Rs 892 crore. This decline has been attributed to the inauspicious period of ‘Shraadh,’ which spanned 12 days in the month and traditionally deters high-value transactions.

High-Value Properties Lead Growth

Transactions for properties priced at Rs 2 crore and above saw a 9% YoY increase, with this segment making up 23% of registrations in September 2024, compared to 18% in 2023. In contrast, properties priced under Rs 50 lakh saw a sharp decline, falling from 28% in 2023 to 17% in 2024, indicating a shift toward premium properties.

Geographical Trends: The Western Suburbs Dominate

Geographically, Mumbai’s western suburbs continue to lead the market, accounting for 57% of total sales in September. On the other hand, South Mumbai saw a modest share, contributing only 10% of total sales.

Key Facts and Figures

• Property Registrations (Jan-Sep 2024): 1.5 lakh (12% YoY growth)
• Revenue Contribution: Rs 8,892 crore (6% YoY growth)
• September 2024 Property Registrations: 9,167 (14% YoY decline)
• September 2024 Revenue: Rs 892 crore (21% YoY decline)
• High-Value Properties (Rs 2 crore and above): 23% of registrations
• Apartments 500-1,000 sq ft: 52% of total registrations
• Larger Apartments (1,000 sq ft and above): 22% of total registrations (up from 19% in 2023)
• Western Suburbs Sales Share: 57%
• South Mumbai Sales Share: 10%