Mumbai Property Registrations Hit Decade-High 100,000 Mark in 2024

Mumbai's property sales registrations exceeded 100,000 in September 2024, the quickest in a decade, as per Knight Frank India. The city recorded 105,664 property registrations in the first nine months, contributing over Rs 8,892 crore to the state exchequer. High-priced properties saw significant demand growth.

Mumbai's property sales registrations surged beyond the 100,000 mark in September 2024, the fastest rate in a decade, according to a report by Knight Frank India, a real estate consultancy firm. In 2023, this milestone was reached in October.

According to the consultancy firm, Mumbai city (under BMC jurisdiction) witnessed approximately 105,664 property registrations in the first nine months of 2024, contributing over Rs 8,892 crore to the state exchequer. Property registrations grew by 12 percent year-on-year, while revenue saw a 6 percent increase, the report stated.

This momentum in property transactions is attributed to rising economic prosperity and a growing preference for homeownership among Mumbai's residents. 'Mumbai's residential market has maintained strong momentum in 2024, with September marking a significant milestone as the city surpassed 100,000 property registrations—the fastest pace in a decade,' said Shishir Baijal, Chairman and Managing Director of Knight Frank India.

'Transactions in properties priced at INR 2 crore and above grew by 9 percent year-on-year. Steadfast homebuyer confidence, driven by a positive economic outlook and stable interest rates, bolstered robust sales throughout the year's first nine months,' added Baijal. The demand for high-valued properties saw substantial growth, with properties priced at Rs 2 crore and above comprising 23 percent of registrations in September 2024, up from 18 percent the previous year.

Transactions in this segment amounted to 2,108 properties. Meanwhile, Knight Frank India observed a sharp decline in the share of properties valued at less than Rs 50 lakh, which dropped from 28 percent in September 2023 to 17 percent in September 2024.

Knight Frank India is headquartered in Mumbai and employs over 1,700 experts across Bangalore, Delhi, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad. (ANI)