Mumbai property registry surged 12% in June, highest in over a decade; Stamp duty rises 16.65%

Real Estate registrations in the city of Mumbai grew 12.11 per cent to 11,569 for June, when compared with 10,319 a year ago, according to data collected from the Inspector General of Registration and Controller of Stamps of Maharashtra.

The stamp duty collections for June 2024 have risen to 16.65 per cent at ₹1,001.5 crore when compared with ₹858.5 crore for the same month the previous year. In May 2024, stamp collections were at ₹1,034.2 crore, according to the Maharashtra government data. Mumbai's real estate market saw a total of 12,000 property registrations for May.

Out of the total properties registered per month in Mumbai, 80 per cent were residential units, as per the sectoral estimates.

Out of the total property registered monthly in Mumbai, residential units constitute roughly around 80%, according to sectoral estimates.

Highest number of property registrations for June over 12 years:

The city of Mumbai witnessed the highest June registration of properties over 12 years. “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,” according to a Knight Frank India report.

While property registrations in Mumbai saw YoY growth in June, the average recorded registrations of 12,044 units in the first six months were higher than the twelve-month average of 10,578 units in the first six months of 2023. This indicates the sustenance of Mumbai's residential market strength and the confidence of homebuyers, according to an analysis by Knight Frank India, a real estate consultant reported MoneyControl.

Real Estate registrations in the city of Mumbai grew 12.11 per cent to 11,569 for June, when compared with 10,319 a year ago, according to data collected from the Inspector General of Registration and Controller of Stamps of Maharashtra. 

The stamp duty collections for June 2024 have risen to 16.65 per cent at ₹1,001.5 crore when compared with ₹858.5 crore for the same month the previous year. In May 2024, stamp collections were at ₹1,034.2 crore, according to the Maharashtra government data. Mumbai's real estate market saw a total of 12,000 property registrations for May. 

Out of the total properties registered per month in Mumbai, 80 per cent were residential units, as per the sectoral estimates. 

Out of the total property registered monthly in Mumbai, residential units constitute roughly around 80%, according to sectoral estimates. 

Highest number of property registrations for June over 12 years:

The city of Mumbai witnessed the highest June registration of properties over 12 years. “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,” according to a Knight Frank India report.

While property registrations in Mumbai saw YoY growth in June, the average recorded registrations of 12,044 units in the first six months were higher than the twelve-month average of 10,578 units in the first six months of 2023. This indicates the sustenance of Mumbai's residential market strength and the confidence of homebuyers, according to an analysis by Knight Frank India, a real estate consultant reported MoneyControl.

The average government revenue collection in the first six months of 2024, amounting to ₹974 crore, was 8 per cent higher than the average of ₹906 crores witnessed in 2023, according to the Knight Frank India report. ”The rise in revenue can be credited to several contributing factors, such as the higher volume and value of properties being registered."

Properties up to 1,000 sq ft lead high:

The increase in registrations of apartments measuring between 500 sqft and 1,000 sqft, was 46 per cent of the total real estate registrations for June 2024. On the other hand, apartments measuring up to 500 sqft were 36 per cent of the total registrations, which fell from 41 per cent in June 2023. 

This shows an indicator towards people opting for larger apartments, with the further decline of the up to 500 sqft category. Homes measuring 1,000 sqft and more were 15 per cent of the total registrations, Knight Frank said in the report quoted by MoneyControl.

The real estate developers are optimistic about their view of the registration data, and the property market of Mumbai. 

“The influence behind this upward trajectory of housing demand continues to be the connectivity boost across the city along with the redevelopment boom,” Dhaval Ajmera, Director, of Ajmera Realty and Infra India Ltd told the Hindustan Times. The upbeat sentiment is here to stay, and the industry will continue to witness further demand across all segments.