Mumbai Property Registrations Increase by 11% Year-on-Year in June 2024; Stamp Duty Collections Rise by 15%

Property registrations in Mumbai’s real estate market saw an 11% increase, reaching 11,443 in June 2024, up from 10,319 in June 2023, according to data from the Inspector General of Registration and Controller of Stamps of Maharashtra. In May 2024, the market recorded 12,000 property registrations.

Stamp duty collections from these registrations also saw a significant rise, increasing by over 15% to ₹986 crore in June 2024, compared to ₹859 crore in June 2023. In May 2024, stamp duty collections were even higher, at ₹1,034 crore.

Residential units made up about 80% of the total property registrations in Mumbai, based on sector estimates.

The average number of property registrations in the first half of 2024 was higher than the average for the same period in 2023. The first six months of 2024 saw an average of 12,044 registrations per month, compared to 10,578 in the first half of 2023. This suggests that Mumbai’s residential market remains strong and that homebuyers are confident, according to Knight Frank India, a real estate consultancy.

Knight Frank India also reported that the average government revenue collection in the first half of 2024 was ₹974 crore, which is 8% higher than the average of ₹906 crore in 2023. This increase in revenue is attributed to the higher volume and value of properties being registered.

Shishir Baijal, Chairman & Managing Director of Knight Frank India, commented on the data, saying, “The continuous year-on-year growth in property sale registrations highlights the resilience of Mumbai’s real estate market. This positive trend is expected to continue, driven by strong GDP growth, rising income levels, and favorable interest rates, creating a supportive environment for potential buyers.”

In June 2024, there was a noticeable increase in the registration of apartments measuring between 500 sqft and 1,000 sqft, which accounted for 46% of all property registrations. Apartments up to 500 sqft made up 36% of the registrations, down from 41% in June 2023. This shift indicates a preference for larger apartments. Apartments measuring 1,000 sqft and above comprised 15% of the total registrations, according to Knight Frank India.

Developers also shared their views on the registration data. Dhaval Ajmera, Director of Ajmera Realty and Infra India Ltd., said, “The home sales registrations for June 2024 have increased compared to June 2023, showing decent year-on-year growth. The main factors behind this upward trend in housing demand are improved connectivity across the city and a redevelopment boom. This positive sentiment is expected to continue, with demand likely to grow further across all segments and micro-markets, especially in the western suburbs and the eastern belt of Sewree-Wadala.”