Historic Surge in Sales Signals Market Resilience

Mumbai, September 30, 2024: The Mumbai real estate market has achieved a remarkable milestone, surpassing 100,000 property registrations in the first nine months of 2024. With a total of 105,664 properties registered, this marks a 12% increase compared to the previous year, reflecting sustained buyer confidence and robust economic growth.

Significant Contribution to State Revenue

In addition to the impressive registration numbers, property sales have generated over INR 8,892 crores for the Maharashtra state exchequer—a 6% year-on-year increase. The consistent growth in property transactions is a clear indicator of Mumbai’s economic prosperity and the increasing desire for homeownership among its residents.

Residential Demand Dominates Registrations

In September 2024, residential units accounted for 80% of all property registrations, underscoring a strong demand for housing in the city. Despite a 14% year-on-year decline in registrations for September—attributed to the traditionally inauspicious period of ‘Shraadh’—the overall figures reflect a vibrant market with a significant appetite for residential properties.

High-Value Properties Gain Popularity

Notably, transactions for properties priced at INR 2 crores and above increased by 9% year-on-year, representing 23% of all registrations in September 2024. This shift highlights a growing trend among buyers seeking high-value investments, as properties priced below INR 50 lakhs saw a steep drop in demand.

A Shift Toward Larger Living Spaces

The size of registered apartments also reflects changing buyer preferences, with properties measuring between 500 and 1,000 sq ft comprising 52% of all registrations. Meanwhile, larger apartments (over 1,000 sq ft) gained traction, rising from 19% in 2023 to 22% in 2024.

Geographical Insights: Western Suburbs Lead

The western and central suburbs continue to dominate the market, accounting for 83% of total property registrations. The western suburbs maintained a steady 57% share, while South Mumbai saw its share increase from 7% to 10%.

Outlook: Sustained Growth Anticipated

Experts predict that the positive economic outlook and stable interest rates will continue to support the real estate market in Mumbai. With buyer confidence remaining high, the momentum from the first nine months of 2024 is likely to carry into the final quarter of the year, fostering further growth in property transactions.