Overview of Mumbai’s Property Registration Surge

Mumbai city (under BMC jurisdiction) experienced a robust increase in property registrations in October 2024. Approximately 12,929 properties were registered, contributing over INR 1,099 Crores in revenue, marking a 22% increase in registrations and a 32% rise in revenue compared to the same period last year. This boost aligns with the auspicious timing of Navratri and Diwali, spurring property interest across the city.

Festive Season’s Influence on Property Demand

The festive period traditionally encourages property purchases due to its association with prosperity. The year-on-year growth is also influenced by the early end of the Shradh period in 2024, which typically discourages large investments. While last October’s registrations were impacted by Shradh, ending on October 2 this year allowed for an extended buying period, boosting property transactions.

Highlights of Property Registrations in October 2024

• Total Registrations: 12,929 properties (22% increase YoY)
• Revenue Collection: INR 1,099 Crores (32% increase YoY)
• Residential Units: 80% of total registrations, indicating high demand for housing.

Comparative Analysis: Monthly and Yearly Trends

The following table highlights the month-on-month (MoM) and year-on-year (YoY) shifts in property registrations and government revenue:

Period Registrations (Units) YoY Change (%) MoM Change (%) Revenue (INR Cr) YoY Change (%) MoM Change (%)
Oct-23 10,607 26% -1% 835 15% -26%
Oct-24* 12,929 22% 42% 1,099 32% 25%

Property Trends from January to October 2024

Over the first ten months of 2024, property registrations in Mumbai reached 118,329, a 13% increase from the previous year. This sustained growth underlines economic prosperity and an increased interest in homeownership.

Navratri’s Impact on Property Sales

During Navratri 2024, property registrations reached 5,199 units over nine days, marking a 13.2% increase from Navratri 2023. The daily registration rate rose from 510 units in 2023 to 578 units in 2024, indicating a steady market appetite during the festive season.

Market Insights by Knight Frank India

Shishir Baijal, Chairman & Managing Director of Knight Frank India, commented on the property market’s resilience, highlighting a 22% YoY and 42% MoM growth in registrations. He emphasized the influence of favorable market conditions, stable interest rates, and festive offers on the momentum in property sales.

Demand for High-Value Properties

High-value properties (INR 2 Cr and above) saw notable demand, constituting 22% of total registrations, compared to 18% in October 2023. In contrast, properties under INR 50 lakhs dropped from 27% to 20%, reflecting a shift toward premium properties.

Price Segment Oct-23 Share (%) Oct-24 Share (%)
Less than 50 Lakh 27% 20%
50 Lakh – 1 Cr 28% 29%
1 Cr – 2 Cr 28% 29%
2 Cr and above 18% 22%

Popular Apartment Sizes in Mumbai’s Market

In October 2024, mid-sized apartments (500-1,000 sq ft) dominated registrations, accounting for 47% of transactions. Additionally, larger apartments (1,000-2,000 sq ft) saw increased demand, with a growth in share from 13% to 16%.

Apartment Size Oct-23 Share (%) Oct-24 Share (%)
Up to 500 sq ft 36% 34%
500 – 1,000 sq ft 49% 47%
1,000 – 2,000 sq ft 13% 16%
Over 2,000 sq ft 2% 3%

Regional Preferences: Micro-Market Analysis

In Mumbai, the Central Suburbs and South Mumbai gained in popularity, while Western Suburbs experienced a slight dip. Central Suburbs grew from a 29% to 31% market share, while South Mumbai’s share rose from 7% to 9%.

Micro-Market Oct-23 Share (%) Oct-24 Share (%)
Central Mumbai 7% 7%
Central Suburbs 29% 31%
South Mumbai 7% 9%
Western Suburbs 57% 53%

Mumbai’s property market demonstrated resilience and growth, driven by favorable festive sentiments, premium property demand, and stable economic conditions. As the festive season continues, experts anticipate sustained momentum in property sales, highlighting Mumbai’s enduring appeal and investment value.