Mumbai reports a peak with 11,500+ property registration in April 2024: Report

Property registrations in the Mumbai real estate market grew about 9 per cent to 11,504 units in April 2024, from 10,514 units a year earlier. This added over Rs 1,043 crore to the state exchequer, a report by real estate consultant Knight Frank India stated on Tuesday. The real estate market in Mumbai has witnessed a remarkable trend, with homebuyers displaying unwavering confidence in the city's property sector. 

This enduring optimism has resulted in Mumbai's property registrations consistently surpassing the 10,000 mark for the fourth consecutive month in 2024. It is worth noting that residential units make up a significant 80% of the overall registered properties, highlighting the strong demand for housing in the city. This sustained positive outlook reflects the attractiveness of Mumbai's real estate market to potential buyers. This marks a notable 9% increase in registrations compared to the previous year. 

In April 2024, Mumbai experienced the second-highest number of property registrations for the month of April in over 12 years, alongside its highest April stamp duty collection within the same timeframe. This surge can be attributed to increasing income levels and a positive attitude towards homeownership.

“The buoyant market conditions have significantly boosted the state treasury, marking its highest-ever revenue collection for April. Property registrations in April have surged by 9% compared to the previous year, highlighting the market's attractiveness to potential homebuyers. This positive momentum is expected to persist, driven by robust economic growth and stable interest rates which is expected to remain constant,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.

In March, registration of properties in the Mumbai municipal area rose 8 per cent to 14,149 units on strong housing demand.

The official data said the registration of properties in Mumbai city (area under BMC jurisdiction) stood at 14,149 units in March as against 13,151 units in the same month last year. The registration of properties in March rose 17 per cent from the previous month which saw 12,056 units getting registered.

Top trends in April

> Properties up to 1,000 sq ft are hot favourites

In April 2024, there was an increase in registration of apartments measuring upto 500 sq. ft., rising to 45% of all registrations. Conversely, the share of apartments ranging from 500 sq. ft. to 1,000 sq. ft. stood at 40% during the same period last year. Share of larger apartments measuring 1,000 sq ft and above remained stable at 15% during the year.

> Central and Western suburbs most preferred location

Of the total properties registered, central and western suburbs in Mumbai together constituted over 73% as these locations are the hotbeds for new launches offering a wide range of modern amenities and good connectivity. Around 86% of Western suburb consumers and 92% of Central suburb consumers opt to purchase within their micro market, the report said. 

> Millennials and Gen X

According to Knight Frank India, most property buyers in April 2024 were millennials or individuals aged 28-43, accounting for 37 per cent of the total share. Following closely behind were individuals from Generation X, aged 44-59, constituting 36 per cent of the buyers.

Further, 6 per cent of homebuyers were GenZ below 28 years of age and 18 per cent of homebuyers were in the age group of 60 to 78.