Mumbai city (area under BMC jurisdiction) recorded approximately 11,735 property registrations in August 2024, contributing over INR 1072 Crores (Cr) to the state exchequer. Compared to the same period last year, property registrations have risen by 8% year-on-year (YoY), and revenues from these registrations have increased by 32% YoY. Sustained buyer confidence has resulted in consistent sales, exceeding 10,000 units for the first eight months of the year, marking eleven consecutive months of annual growth since August 2023.
This continued momentum in property transactions is attributed to heightened economic prosperity and a rising preference for homeownership among Mumbai residents. In August 2024, residential units constituted 80% of total registrations, highlighting strong housing demand in the city.
Mumbai experienced its best eight-month period, with record property registrations and revenue collections from January to August 2024. From January to August 2024, the city recorded 96,601 property registrations, marking a 16% increase from 83,615 registrations in the same period in 2023, and generated INR 8,010 cr in revenue, up by 10% from INR 7,262 crore last year.
During the same period, Mumbai registered an average of 12,075 properties per month, a 16% increase from 10,452 registrations per month in 2023. Average monthly revenue rose 10% to INR 998 crore in 2024, compared to INR 1,001 cr last year.
Demand for high ticket sized properties saw a significant increase, with the proportion of properties priced at 2 crore and above rising from 14% in August 2023 to 23% in August 2024. Total transactions in this price bracket surged by 77% year-over-year, reaching 2,699 properties. Meanwhile, the share of properties valued at less than 50 lakhs more than halved, dropping from 44% in August 2023 to 21% in August 2024.
In August 2024, there was a noticeable increase in the registration of apartments measuring between 500 sq ft to 1,000 sq ft, accounting for 49% of all property registrations. Meanwhile, apartments up to 500 sq ft made up 33% of the registrations, down from 38% in August 2023, indicating a shift towards larger apartments.
The share of property registrations in the western suburbs dropped from 57% in August 2023 to 55% in August 2024. Meanwhile, the central suburbs maintained a stable share at 28%, with a slight dip from 29% in August 2023. Notably, property registrations in other areas saw a rise, increasing from 7% in 2023 to 9% in 2024.
