Mumbai city (area under BMC jurisdiction), recorded over 105,608 property registrations in the first nine months of 2024, contributing more than INR 8,877 Crores (Cr) to the state exchequer during this period. Property registrations observed a 12% year-on-year (YoY) growth while revenue grew by 6% YoY during the same period. Sustained buyer confidence has fuelled consistent sales, driven by city's property registration growth. In September 2024, Mumbai surpassed 100,000 property registrations, achieving this milestone faster than any other time in the past decade. In 2023, this mark was achieved in October.
This sustained momentum in property transactions stems from the rising economic prosperity and growing preference for homeownership among Mumbai's residents. In September 2024, residential units constituted 80% of total registrations, underscoring strong housing demand in the city.
In September 2024, Mumbai recorded 9,111 property registrations, reflecting a 15% YoY decline, with revenue falling 22% YoY to INR 877 cr. The decline in home registrations in September 2024 can be primarily attributed to the inauspicious days of ‘Shraadh’, which constituted 12 days of month in 2024, when traditionally individuals refrain from making significant purchases or engaging in high-value transactions. In 2023, Shraadh was observed from 29 September to 14 October.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said “Mumbai’s residential market has sustained strong momentum in 2024, with September marking a key milestone as the city surpassed 100,000 property registrations—the fastest pace in a decade. It is also witnessed that transactions in properties priced at INR 2 crore and above grew by 8% YoY. Steady homebuyer confidence, driven by a positive economic outlook and stable interest rates, led to the robust sales throughout the first nine months of the year.”
Demand for high-valued properties saw a significant increase, with properties priced at INR 2 cr and above making up 23% of registrations in September 2024, up from 18% the previous year. Transactions in this segment totalled to 2,095 properties. Meanwhile, the share of properties valued at less than INR 50 lakhs dropped sharply, falling from 28% in September 2023 to 17% in September 2024.
In September 2024, there was a significant increase in the registration of apartments measuring between 500 sq ft to 1,000 sq ft, accounting for 52% of all property registrations. Meanwhile, apartments measuring 1000 sq ft and above jumped from 19% in 2023 to 22% in 2024, indicating a shift in preference towards larger apartments. In September 2024, share of property registrations in the western suburbs remained steady at 57% as compared to September 2023. Notably, South Mumbai observed a rise in share from 7% in September 2023 to 10% in September 2024.
