Mumbai Property Registry Surges in June: Highest in Over a Decade
Mumbai’s real estate market is booming, with property registrations hitting record highs in June 2024. The city saw a 12.11% increase in property registrations compared to June 2023, reaching 11,569 registrations. This is the highest number of June registrations in over 12 years, according to data from the Inspector General of Registration and Controller of Stamps of Maharashtra.
Stamp Duty Collections Also on the Rise
Stamp duty collections followed suit, increasing by 16.65% to ₹1,001.5 crore in June 2024, up from ₹858.5 crore the previous year. Although slightly lower than May 2024’s collections of ₹1,034.2 crore, the figures indicate a robust real estate market.
Residential Units Dominate Registrations
Residential properties comprised a significant portion of these registrations, accounting for 80%. This trend underscores Mumbai’s growing demand for homeownership, driven by rising economic prosperity and favourable market sentiments.
Shift Towards Larger Apartments
Interestingly, there has been a noticeable shift in the size of apartments being registered. Properties between 500 and 1,000 square feet accounted for 46% of the total registrations in June 2024. Smaller apartments, up to 500 square feet, saw a decline from 41% in June 2023 to 36% this year. Larger homes, over 1,000 square feet, made up 15% of the registrations.
Market Optimism
Real estate developers are optimistic about the future. Dhaval Ajmera, Director of Ajmera Realty and Infra India Ltd, attributes the growth to improved connectivity across the city and a redevelopment boom. He believes the positive trend will continue, driving demand across all segments of the market.
Sustained Market Strength
The average number of monthly property registrations for the first half of 2024 stands at 12,044 units, surpassing the twelve-month average of 10,578 units in the first half of 2023. This reflects the sustained strength of Mumbai’s residential market and growing homebuyer confidence, as highlighted in a report by Knight Frank India.
