Record Growth Signals Strong Buyer Confidence and Economic Recovery

Mumbai, October 1, 2024 – In a remarkable turnaround for the real estate sector, Mumbai has recorded over 105,608 property registrations in the first nine months of 2024, marking a 12% increase year-on-year (YoY). This surge has contributed more than INR 8,877 crores to the state exchequer during the same period, reflecting a 6% YoY growth in revenue, according to Knight Frank India.

Fastest Pace in a Decade

For the first time in a decade, Mumbai surpassed the landmark of 100,000 property registrations in September, achieving this milestone a month earlier than in 2023. The sustained momentum in property transactions highlights a growing preference for homeownership among the city’s residents, driven by increasing economic prosperity.

Residential Demand Remains Robust

In September alone, residential units accounted for a staggering 80% of all registrations, emphasizing strong demand for housing. Despite a slight decline in registrations compared to the previous month, the data indicates a clear trend toward larger properties, with apartments measuring between 500 to 1,000 square feet leading the way.

High-Value Properties on the Rise

Interestingly, the market for higher-value properties has gained traction, with transactions for properties priced at INR 2 crore and above increasing by 8% YoY. This segment accounted for 23% of total registrations in September 2024, up from 18% the previous year, signaling a shift in buyer preferences towards more luxurious options.

Economic Factors Driving Sales

Shishir Baijal, Chairman & Managing Director of Knight Frank India, commented on the trends, stating, “The residential market in Mumbai has shown remarkable strength in 2024. The faster pace of registrations indicates a positive economic outlook and stable interest rates, which have fostered homebuyer confidence.”

Shifting Dynamics in the Market

While September 2024 saw a 15% YoY decline in registrations to 9,111 properties—primarily due to the inauspicious days of ‘Shraadh’—the year-to-date figures still reflect robust overall growth. The Western Suburbs continued to dominate, holding a steady 57% share of total registrations, while South Mumbai’s share increased from 7% to 10%.

A Promising Outlook

As Mumbai’s property market continues to thrive, the combination of economic recovery, rising buyer confidence, and a shift toward higher-value properties suggests a promising future for real estate in the city. With a clear trend toward larger living spaces and a growing appetite for premium properties, the coming months are poised to offer exciting opportunities for both buyers and investors.