10,901 properties were registered in January 2024, according to the Mumbai real estate market, which is 21% larger than the 9,001 property registrations in January 2023. Monthly (M-O-M) data shows an 11 percent decrease, with 12,255 properties registered in December 2023, as per Maharashtra government statistics.
Eight percent more money was collected in January 2024 from stamp duty than in January 2023, totaling Rs 746 crore. Eighty percent of all registered properties are residential units, with the remaining twenty percent being non-residential assets.
The growth in recent times can be ascribed to an increase in income levels and a positive impression of homeownership. Simultaneously, the city had its greatest January revenue collection total in 12 years, mostly due to rising stamp duty rates, rising real estate values, and a greater proportion of luxury properties, according to research by real estate consultant Knight Frank India.
500–1,000 square foot area properties continue to be the most common kind of property registered. Compared to January 2023, the percentage of units measuring 500 square feet or less increased to 48% from 35% in the previous year.
On the other hand, the proportion of flats between 500 and 1,000 square feet saw a drop, going from 48 percent to 43 percent over the same time last year. However, this seems to be an exceptional incident, since people’s preferences have traditionally been for larger flats, according to the Knight Frank India research.
The sector with prices under Rs 1 crore has been badly impacted by the spike in real estate values combined with a 250 basis point increase in the policy repo rate during the previous two years. The research also stated that properties valued at one crore and above have seen a comparatively lower impact from these challenges.
Mumbai’s home markets performed exceptionally well as 2024 got underway with much fervor. According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, “the positive trajectory is poised to continue, especially with the anticipated strong economic momentum and potential easing of interest rates throughout the year, fostering a conducive environment for homebuyers.“
