Mumbai Records Highest-Ever Property Registrations in 13 Years in 2024
Mumbai has achieved a major milestone in its real estate sector, with over 1.41 lakh property registrations in 2024, marking the highest figures in 13 years.
Mumbai: Mumbai has achieved a major milestone in its real estate sector, with over 1.41 lakh property registrations in 2024, marking the highest figures in 13 years.
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This represents an 11% growth compared to 2023, according to a new report.
Growth in Property Registrations and Stamp Duty Revenue
Data from the Inspector General of Registration and Controller of Stamps of Maharashtra reveals that stamp duty collections for property registrations in Mumbai grew by 12% year-on-year, amounting to Rs 12,161 crore in 2024, compared to Rs 10,871 crore in 2023.
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Residential and Non-Residential Property Trends
Residential properties made up 80% of the total property registrations, while non-residential properties accounted for 20%. This growth indicates the strong demand in Mumbai’s residential real estate market. The premium housing segment has seen notable interest, with properties priced above Rs 2 crore accounting for 23% of the total registrations in December 2024, compared to just 18% in December 2023. This shift indicates a growing preference for high-value properties.
Meanwhile, properties valued under Rs 50 lakh saw a decline, from 30% in 2023 to 25% in 2024, reflecting changing buyer preferences.
December Property Registrations Surpass Previous Year
In December alone, Mumbai saw 12,518 property registrations, generating Rs 1,154 crore in revenue, surpassing the previous year’s December figures of 12,285 registrations and Rs 933 crore in revenue.
Market Dominance of Western and Central Suburbs
The Western and Central suburbs of Mumbai maintained their dominance in the real estate market, accounting for a significant 86% of the total market share, reinforcing their appeal to both buyers and investors.
Real Estate Market Resilience
Prashant Sharma, President of NAREDCO Maharashtra, highlighted the robust demand in Mumbai’s property market, stating that the growth in property registrations and stamp duty revenue indicates a positive outlook. He emphasized that the rise in premium property sales reflects buyer confidence, reaffirming Mumbai’s position as a dynamic and lucrative real estate hub for both end-users and investors.
