Mumbai: Realty Market Adds ₹1,000 Crore To State Exchequer In Aug, 2024 | Representative Image
The city of Mumbai has recorded approximately 11,735 property registrations in August 2024, contributing over Rs 1,072 crore 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, Knight Frank said in its report.
Mumbai experienced its best eight-month period, with record property registrations and revenue collections from January to August, 2024. During this period, the city recorded 96,601 property registrations, marking a 16% increase from 83,615 registrations in the same period in 2023, and generated Rs 8,010 crore in revenue, up by 10% from Rs 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.
Demand for high ticket sized properties saw a significant increase, with the proportion of properties priced at Rs 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 Rs 50 lakhs more than halved, dropping from 44% in August 2023 to 21% in August 2024, the report added.
Chairman & Managing Director, Knight Frank India, Shishir Baijal said, “Mumbai’s residential market has maintained strong momentum in 2024, with monthly sales showing consistent YoY growth. August stood out, recording the highest growth in revenues compared to the rest of the year. The strong economic outlook and stable interest rates have kept homebuyer sentiments positive, fuelling steady sales.”
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.
Commenting on this, Director of Ajmera Realty & Infra India Ltd, Dhaval Ajmera said, “The augmented demand for Mumbai real estate is a significant testament to one of the best-performing months for home sales Mumbai has recorded during August. The marginal month-on-month growth reflects a gradual but steady growth in demand over the years reflecting the buoyancy and resilience of the real estate market of Mumbai backed by a strong economic performance growth, enabling liquidity in the hands of end consumers, thereby driving up home sales.”
“Along with this, the redefined infrastructure has opened up a plethora of opportunities for both developers and homebuyers, which has opened up several opportunities across the micro pockets of the city. With the festive season around the corner, we expect home sales to amplify from the coming month with demand inclination towards 1 and 2 BHK homes,” Ajmera added.
Chairman & Managing Director of Arkade Developers, Amit Jain said, “Mumbai’s real estate sector is witnessing a significant increase in demand, with sales in August 2024 reaching a new high of 11,559 properties (as of August 31, 2024 at 12 pm), up 6% from August 2023. Mumbai’s real estate market is thriving thanks to lower interest rates and a pipeline of new projects. The MMR region is experiencing significant investment, driven by increasing property values and improved connectivity. The demand for luxury properties is particularly strong in emerging areas like Andheri, Santacruz, Mulund, Goregaon, and Borivali.”
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