Mumbai achieves 12-year high with over 11,400 property registrations in June 2024: Knight Frank India

Mumbai achieves 12-year high with over 11,400 property registrations in June 2024: Knight Frank India

Mumbai city recorded approximately 11,443 property registrations in June 2024, which is the highest in the last 12 years, contributing over Rs 986 crores to the state exchequer, according to a report by Knight Frank India, a real estate consultancy.

The report stated that compared to the same period last year, property registrations in Mumbai have risen by 11 percent year-on-year (YoY), and revenues from these registrations have increased by 15 percent YoY. In June 2023, the Mumbai city region (area under BMC) had witnessed 10,319 property registrations.

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“In June 2024, Mumbai experienced the highest number of property registrations for any June month in the past 12 years. This upsurge can be attributed to rising economic prosperity and a favourable sentiment towards homeownership,” the report highlighted.

Also Read: Mumbai real estate market records 9% rise in property registrations in April

While property registrations in the city saw YoY growth in June, the average recorded registrations of 12,044 units in the first six months of 2024 were higher than the twelve-month average of 10,578 units in 2023, the report stated.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said that the continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai's real estate market.

“In the backdrop of higher property prices, home registrations have maintained their momentum, reflecting the market's strong appetite and confidence buyers have in the country's economic trajectory. This positive trend is expected to persist, driven by strong GDP growth, rising income levels, and a favourable interest rate environment, creating an encouraging atmosphere for potential buyers,” Baijal added.

Properties up to 1,000 sq ft continue to lead in registrations

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In June 2024, there was a noticeable increase in the registration of apartments measuring between 500 sq ft and 1,000 sq ft as this segment accounted for 46 percent of all property registrations, the report said.

Also Read: Why Buy Now, Pay Later is making a comeback in the Mumbai real estate market?

In contrast, apartments measuring up to 500 sq ft made up 36 percent of the registrations, down from 41 percent in June 2023. This indicates a clear inclination towards larger apartments, with the share of units up to 500 sq ft witnessing a decline, the report observed.

Apartments measuring 1,000 sq ft and above comprised 15 percent of the total registrations.

Central and Western suburbs keep lion’s share

Western and central suburbs accounted for 73 percent of the total market share in terms of property registration. However, the share of western suburbs has fallen from 58 percent in June 2023 to 49 percent in June 2024 while that of the central suburbs has recorded a jump in share as compared to June 2023 and it has gone from 30 percent in June 2023 to 42 percent in June 2024.

Central Mumbai's contribution was 2 percent while South Mumbai’s contribution was 7 percent, the report said.