Mumbai Registers Over 9,400 Properties In November 2024: Knight Frank | Representational Image
In November 2024, Mumbai is anticipated to record over 9,419 property registrations, generating more than Rs 826 crore in revenue for the state. Compared to November 2023, this represents a 3% decline in registrations but a 16% increase in stamp duty collections, primarily due to high-value transactions, Knight Frank said in its report.
Month-on-month, registrations and revenue fell by 27% and 31%, respectively, following the seasonal surge during October’s Diwali and Navratri festivities. Additionally, the November dip reflects market consolidation and the impact of state elections. Residential properties accounted for 80% of November registrations.
Throughout the first eleven months of 2024, Mumbai recorded 127,987 property registrations, a 12% increase from the previous year, with revenue collections nearing Rs 11,000 crore, marking the fastest growth in a decade with a 10% year-on-year rise. This indicates growing economic prosperity and sustained interest in homeownership.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, highlighted the resilience and adaptability of Mumbai’s property market. “Despite a slight year-on-year decline in registrations, revenue saw robust growth due to increased high-value transactions,” he said and noted the market’s natural consolidation after October’s festive surge and the rising demand for premium properties and larger living spaces.
In November 2024, properties priced at Rs 2 crore and above constituted 23% of registrations, up from 17% the previous year, with 2,147 transactions. Conversely, properties valued under Rs 50 lakh dropped from 28% to 20%. Apartments between 500 and 1,000 sq ft were most popular, comprising 48% of registrations. Larger apartments (1,000 to 2,000 sq ft) increased from 8% to 14%, and those over 2,000 sq ft grew from 2% to 5%. Smaller units up to 500 sq ft declined from 47% to 33%.
The Central Suburbs’ market share rose from 29% to 31%, and South Mumbai’s share increased from 7% to 9%, driven by rising supply. Central Mumbai maintained a stable 7% share, while the Western Suburbs experienced a slight decrease from 57% to 53%.
Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd, noted the continuous year-on-year increase in home sales in November, marking the highest residential real estate sales in five years. “Factors such as stable monetary policy rates, enhanced purchasing power, and the desire for larger homes contributed to this momentum. Additionally, infrastructure developments across Mumbai have opened new redevelopment opportunities, strengthening the home-buying sentiment,” he said.
Amit Jain, Chairman & Managing Director of Arkade Developers, commented on Mumbai’s real estate growth over the past eleven months. “November typically sees lower sales, but this year reached around 10,000 homes, consistent with historical data. Jain anticipates improved sales in December as families move into new homes for the new year and expects increased NRI investments,” he added.
