Mumbai property registrations rise 17% Y-o-Y in May; stamp duty collections up by over 19%

Property registrations in the Mumbai real estate market grew by more than 17% to 11,520 in May 2024 from 9,823 a year earlier, according to the data shared by the Inspector General of Registration and Controller of Stamps.

In April 2024, a total of 11,648 property registrations were reported in the Mumbai real estate market.

Stamp duty collections from property registrations in Mumbai real estate market went up by over 19% to ₹992 crore in May 2024 from ₹832 crore last year in May 2023 (as of 12 noon on May 31), according to the Maharashtra government data. In April 2024, the stamp duty collections stood at ₹1,058 crore.

In April 2024, residential units constituted 80% of the properties registered in the Mumbai real estate market, according to an analysis by Knight Frank India, a real estate consultant.

Gen X and Millennials bought maximum number of properties in Mumbai

In May 2024, most property buyers in Mumbai real estate market were millennials, accounting for 38% of the total share. Following closely behind, were Generation X, constituting 35% of the buyers. The age group for millennials and Gen X is between 28 years to 59 years.

Further, properties measuring up to 500 to 1,000 sq ft emerged as the most popular in terms of size with 51% registrations in this category for May 2024, according to the data.

"The continuous year-on-year growth in property sales and registrations, despite a rise in average prices across the city, reflects the appetite of the market as well as the confidence buyers have in the economic fundamentals of the country. This positive trend is expected to persist, bolstered by strong economic growth and a favorable interest rate environment, creating an encouraging atmosphere for potential buyers," said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

Source: hindustantimes.com

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