Media Mumbai property registrations increase by 22% year-on-year in May

Mumbai property registrations increase by 22% year-on-year in May

02 June 2024
Mumbai property registrations increase by 22% year-on-year in May; stamp duty collections surge by over 24%

Mumbai's Stamp Duty Collections and Property Registrations Surge

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 Growth

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

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.

Residential Units Dominance

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.

Property Buyers: Gen X and Millennials

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.

Popular Property Sizes

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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