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Mumbai city (area under BMC jurisdiction) saw significant growth in July 2024, with 12,160 property registrations contributing over INR 1,055 cr to the state exchequer. This marks a substantial 19% year-on-year (YoY) increase in registrations and a 27% YoY rise in revenue compared to the same period in 2023. Sustained buyer confidence has resulted in consistent sales, for the first seven months of the year, marking eleven consecutive months of annual growth since August 2023. Notably, July 2024 achieved the highest number of property registrations for any July in over a decade.
This surge in property transactions is attributed to heightened economic prosperity and a rising preference for homeownership among Mumbai residents. In July 2024, residential units constituted 80% of total registrations, highlighting strong housing demand in the city.
Mumbai experienced its best seven-month period, with record property registrations and revenue collections from January to July 2024. From January to July 2024, the city recorded 84,653 property registrations, marking a 16% increase from 72,713 registrations in the same period in 2023, and generated INR 6,929 cr in revenue, up by 7% from INR 6,452 crore last year.
During the same period, Mumbai registered an average of 12,093 properties per month, a 16% increase from 10,388 registrations per month in 2023. Average monthly revenue rose 7% to INR 987 crore in 2024, compared to INR 922 cr last year.
In July 2024, there was a noticeable increase in the registration of apartments measuring between 500 sq ft and 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 July 2023, indication a shift towards larger apartments
The share of property registrations in the western suburbs dropped from 57% in July 2023 to 50% in July 2024. Meanwhile, the central suburbs saw a significant increase, rising from 29% in July 2023 to 41% in July 2024.
