02 June 2024
4 Min Read
Mumbai's stamp duty collections from property registrations increased by over 24% to ₹1,034 crore in May 2024, up from ₹832 crore in May 2023.
Property registrations in the Mumbai real estate market rose by more than 22%, reaching 12,000 in May 2024 compared to 9,823 in the same month last year, according to data shared by the Inspector General of Registration and Controller of Stamps. In April 2024, the market reported a total of 11,648 property registrations.
Stamp duty collections from property registrations in the Mumbai real estate market increased by over 24% to ₹1,034 crore in May 2024, compared to ₹832 crore in May 2023, according to Maharashtra government data. In April 2024, stamp duty collections stood at ₹1,058 crore.
In May 2024, residential units accounted for 80% of the properties registered in the Mumbai real estate market, as per an analysis by Knight Frank India, a real estate consultancy.
In May 2024, the majority of property buyers in the Mumbai real estate market were millennials, making up 38% of the total share. Generation X followed closely, constituting 35% of the buyers. The age group for millennials and Gen X ranges between 28 and 59 years.
Properties measuring 500 to 1,000 sq ft emerged as the most popular, accounting for 51% of 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 of Knight Frank India.
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