Mumbai property registrations rise 11% Y-o-Y in June 2024; stamp duty collections up by 15%

Property registrations in the Mumbai real estate market grew by more than 11% to 11,443 in June 2024 from 10,319 a year earlier, according to the data shared by the Inspector General of Registration and Controller of Stamps of Maharashtra. In May 2024, a total of 12,000 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 15% to 986 crore in May 2024 from ₹859 crore last year in June 2023, according to the Maharashtra government data. In May 2024, the stamp duty collections stood at ₹1,034 crore.

Out of the total property registrations on monthly basis in Mumbai, residential units constitute roughly around 80%, according to sectoral estimates.

Also read: Mumbai property registrations rise 22% Y-o-Y in May; stamp duty collections up by over 24%

Average number of registrations in H1 2024 stood above 12-month average of 2023

While property registrations in Mumbai saw YoY growth in June, the average recorded registrations of 12,044 units in the first six months were higher than the twelve-month average of 10,578 units in the first six months of 2023. This indicates the sustenance of Mumbai's residential market strength and confidence of homebuyers, according to an analysis by Knight Frank India, a real estate consultant.

"Additionally, the average government revenue collection in the first six months of 2024, amounting to ₹974 crore, was 8% higher than the average of ₹906 crores witnessed in 2023. The rise in revenue can be credited to several contributing factors, such as the higher volume and value of properties being registered," Knight Frank India said in its report.

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“The continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai's real estate market. This positive trend is expected to persist, driven by strong GDP growth, rising income levels, and a favourable interest rate environment, creating an encouraging atmosphere for potential buyers," said Shishir Baijal, Chairman & Managing Director, Knight Frank India.

Properties up to 1,000 sq ft continue to lead in registrations

In June 2024, there was a noticeable increase in the registration of apartments measuring between 500 sqft and 1,000 sqft, accounting for 46% of all property registrations. In contrast, apartments measuring up to 500 sqft made up 36% of the registrations, down from 41% in June 2023.

This indicates a clear inclination towards larger apartments, with the share of units up to 500 sqft witnessing a decline. Apartments measuring 1,000 sqft and above comprised 15% of the total registrations, Knight Frank India said in its report.

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This is what developers have to say about the registration data

"The home sales registrations for June 2024 have witnessed a rise as compared to June 2023, reflecting decent growth on a year-on-year basis. The influence behind this upward trajectory of housing demand continues to be the connectivity boost across the city along with the redevelopment boom. This upbeat sentiment is here to stay, and we will continue to witness the demand to further amplify across all segments and micro-markets in the region, especially in the western suburbs and eastern belt of Sewree-Wadala," said Dhaval Ajmera, Director, Ajmera Realty and Infra India Ltd.