Mumbai Real Estate Market Surges in 2024: Highest Property Registrations in 13 Years

Mumbai’s real estate market has achieved a historic milestone in 2024, registering over 1.41 lacs property registrations marking an 11% increase from the 1,26,937 properties registered in 2023, according to data sourced from the Inspector General of Registration and Controller of Stamps of Maharashtra.

The revenue from property registrations through stamp duty collections grew by 12% year-on-year, estimated at ₹12,161 crore, compared to ₹10,871 crore in 2023.

Residential properties constituted 80% of the total registered properties, while non-residential assets accounted for the remaining 20%, as reported by Knight Frank India, a leading real estate consultancy. The report highlighted that December 2024 alone witnessed 12,518 property registrations, contributing Rs 1,154 crore to the state exchequer surpassing the December 2023 figures of 12,285 registrations and ₹933 crore in revenue.

According to Knight Frank India, in 2024, Mumbai had over 1.41 lakh property registrations, the highest in 13 years—showcasing the city's sustained demand for real estate despite global economic challenges. The registrations stood at 1.26 lakh in 2023, 1.22 lakh in 2022, and 1.11 lakh in 2021. Property registrations for 2020 and before that have historically been under 1 lakh.

Mumbai’s premium housing segment has seen significant traction. Properties priced at ₹2 crore and above accounted for 23% of total registrations in December 2024, up from 18% in December 2023. Transactions in this segment reached 2,879, indicating a growing preference for luxury homes. Conversely, properties valued under ₹50 lakh saw a decline in their market share, dropping from 30% in 2023 to 25% in 2024, reflecting a shift in buyer preferences towards higher-value assets, Knight Frank India said in its report.

Western and Central suburbs maintained their dominance, contributing 86% of the total market share. Notably, the central suburbs saw a surge in their share from 29% to 33%, driven by increased supply and heightened interest from end-users. Meanwhile, the western suburbs experienced a marginal decline, from 57% to 53%.

Here is what real estate industry leaders have to say on the registrations numbers in December 2024:

Prashant Sharma, President, NAREDCO Maharashtra said, "The remarkable growth in Mumbai’s property registrations underscores the resilience and robust demand within the city’s real estate market. The significant rise in stamp duty collections highlights the growing preference for premium properties, reflecting buyer confidence. As Mumbai continues to attract end-users and investors alike, this positive trend reaffirms the city’s position as a dynamic and lucrative real estate hub."

Rohan Khatau, Director, CCI Projects said, "The substantial rise in property registrations along with a 12% year-on-year increase in revenue from stamp duty collections highlights the buoyant market sentiment in Mumbai. The demand for premium homes in key suburbs reflects a clear trend toward lifestyle-driven investments."

Nishant Deshmukh, Founder and Managing Partner, Sugee Group said, "The sustained increase in property registrations indicates a mature market, with discerning buyers making informed decisions. The city's growing real estate market aligns with the rise in well-planned developments offering connectivity and amenities. As a developer, we are optimistic about meeting this evolving demand through projects that balance luxury and accessibility."

Samyak Jain, Director, Siddha Group said, "The consistent growth in property registrations and revenue is a testament to Mumbai’s strong economic fundamentals and its ability to adapt to evolving buyer preferences. The central suburbs' rise in market share signals a growing interest in this area offering modern infrastructure and seamless connectivity."

Shraddha Kedia-Agarwal, Director, Transcon Developers said, "The upward trend in Mumbai’s property market reflects not only the city’s resilience but also the aspirations of its buyers. The increased share of properties priced above ₹2 crore showcases a preference for quality living spaces that resonate with today’s lifestyle needs."

Abhishek Jain, COO, Satellite Developers Private Limited (SDPL) said, "The 11% rise in property registrations in 2024 demonstrates a healthy market driven by end-user demand and favorable economic conditions. The significant growth in premium property transactions highlights the increasing appetite for luxury housing."

Govind Krishnan Muthukumar, Managing Director & Co-founder, Tridhaatu Realty said, "The 2024 property registration data underscores the importance of well-designed, strategically located developments. The shift toward premium properties, coupled with the rise in the central suburbs' market share, indicates a maturing real estate market. We are aligned with this trend, creating sustainable communities that cater to the aspirations of modern homebuyers."