Mumbai real estate market records 9% rise in property registrations this month

Property registrations in the Mumbai real estate market grew about 9 percent to 11,504 in April 2024, from 10,514 a year earlier.

Stamp duty collections from property registrations went up by 16 percent to Rs 1,043 crore in April 2024 from Rs 900 crore last year, according to the Maharashtra government data.

On a month-on-month basis, the total number of property registrations stood at 14,149 in March 2024 along with stamp duty collections of Rs 1,123 crore.

In April 2024, residential units constituted 80 percent of the properties registered in the Mumbai real estate market, according to Knight Frank India, which analysed the data. Properties measuring up to 500 sq ft emerged the most purhcased size with 45 percent registrations in this category for April 2024, according to data.

GenZ, millennials majority homebuyers

According to the Knight Frank India, most property buyers in April 2024 were millennials or individuals aged 28-43, accounting for 37 percent of the total share. Following closely behind were individuals from Generation X, aged 44-59, constituting 36 percent of the buyers.

Further, 6 percent of homebuyers were GenZ below 28 years of age and 18 percent homebuyers were in the age group of 60 to 78.

“The buoyant market conditions have significantly boosted the state treasury, marking its highest-ever revenue collection for April. Property registrations in April have surged 9 percent over the previous year, highlighting the market's attractiveness to potential homebuyers," said Shishir Baijal, chairman and managing director of Knight Frank India.

Highest stamp duty collections

In April 2024, Mumbai real estate market experienced the second-highest number of property registrations for the month of April in over 12 years, alongside its highest April stamp duty collection within that timeframe. This surge can be attributed to increasing income levels and a positive attitude towards homeownership, according to Knight Frank India.

Out of the total properties registered, central and western suburbs together constituted over 73 percent of the property registrations as these locations are the hotbeds for new launches offering a wide range of modern amenities and good connectivity.

Source: moneycontrol.com

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