Around 11,800 properties were registered in Mumbai in May, rising by a fifth on year and 1 per cent up sequentially, while stamp duty revenue rose by over a fifth to more than ₹1,000 crore, data from the Maharashtra government’s website showed.
In the first five months of 2024 more than 60,600 units have been registered in the city, which is the largest real estate market in the country. This is 16 per cent higher from year ago.
Surge in registrations
According to Knight Frank, which has analysed the data, there was a perceptible increase in the registrations of houses in the size of 500-100 square feet. They accounted for over half of the registrations, compared to 40 per cent share in April. Smaller apartments of up to 500 square feet had a third of the share, down from 45 per cent in April. Houses with sizes above 1,000 square feet had a 15 per cent share in the registrations.
“The continuous year-on-year growth in property sales and registrations provides a continuum to the growth story that propelled on the back of State government incentive and since then, despite a rise in average prices across the city, sales and registrations of properties have maintained the momentum,” said Knight Frank India’s CMD, Shishir Baijal.
Around 75 per cent of the properties registered were located in the central and western suburbs of the city.
A deeper dive into the data showed over 70 per cent of the buyers in May were Gen X and millennials, who had a slight edge with a 38 per cent share.
“This increased demand can be attributed to several factors, including strong economic growth leading to increased purchasing power, recognition of real estate as a secure asset class, the desire to upgrade to larger and better homes, and importantly, significant infrastructural growth that has stimulated demand in new and emerging micro-markets,” said Dhaval Ajmera, Director, Ajmera Realty & Infra India.
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