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Mumbai records more than 11,500 property registrations in April 2024; ₹1,043 crore collected in stamp duty
Over 11,500 units registered in Mumbai in April 2024, up 9% YoY; Millennials and Generation X collectively comprised of 73% of buyers in April 2024
As many as 11,504 units were registered in Mumbai in April 2024 up by 9% year-on-year, adding over ₹1,043 crore to the state exchequer. Compared to the same time previous year revenue from property registrations have risen by 16% year-on-year (YoY), according to Maharashtra Government's Department of Registrations and Stamps (IGR) data.
Also Read: Mumbai records over 14,400 property sale registrations in March 2024, up 10% YoY
The enduring confidence of homebuyers in the Mumbai market has maintained a positive outlook. This optimism has driven Mumbai's property registrations consistently exceeding 10,000 mark for the fourth consecutive month in 2024. Of the overall registered properties, residential units constitute 80%, it showed.
Revenue collection in April 2024 records best for the month of April in 12 years
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 that time frame. This surge can be attributed to increasing income levels and a positive attitude towards homeownership, according to an analysis by Knight Frank.
Also Read: Mumbai's real estate hits a 12-year high; property registrations touch 11,742 units in Feb 2024
“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 and managing director, Knight Frank India.
Properties up to 1,000 sq ft continue to dominate property registrations
In April 2024, there was an increase in registration of apartments measuring up to 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, the data showed.
Central and Western suburbs continue to remain the most preferred location
Of the total properties registered, Central and Western suburbs together constituted over 73% as these locations are the hotbeds for new launches offering a wide range of modern amenities and good connectivity.
As many as 86% of Western suburb consumers and 92% of Central suburb consumers opt to purchase within their micro market. This choice is influenced by the familiarity of the location, along with the availability of products that align with their pricing and feature preferences.
73% of home buyers in April 2024 are millennials and Generation X
Most property buyers in the MMR region in April 2024 were millennials or individuals aged 28-43, accounting for 37% of the total share. Following closely behind were individuals from Generation X, aged 44-59, constituting 36% of the buyers, the analysis showed.
“The April 2024 sales figure of over 11,000 units represents a 6% YoY growth, highlighting the sustained growth in the region. The dynamics are rapidly evolving, and on the broader front, home sales are expected to remain buoyant, backed by the stellar infrastructural boost and the ongoing redevelopment of older societies,” said Dhaval Ajmera, director, Ajmera Realty & Infra India Ltd.
