Mumbai property registrations rise 11% Y-o-Y in June 2024

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.

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.

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.