Mumbai’s real estate market has achieved a historic milestone in 2024, registering over 1.41 lakhs property registrations marking an 11% increase from the 1,26,937 properties registered in 2023, according to data sourced from the Inspector General of Registration and Controller of Stamps of Maharashtra.
The revenue from property registrations through stamp duty collections grew by 12% year-on-year, estimated at ₹12,161 crore, compared to ₹10,871 crore in 2023.
Residential properties constituted 80% of the total registered properties, while non-residential assets accounted for the remaining 20%, as reported by Knight Frank India, a leading real estate consultancy. The report highlighted that December 2024 alone witnessed 12,518 property registrations, contributing INR 1,154 crore to the state exchequer surpassing the December 2023 figures of 12,285 registrations and ₹933 crore in revenue.
According to Knight Frank India, in 2024, Mumbai had over 1.41 lakh property registrations, the highest in 13 years — showcasing the city's sustained demand for real estate despite global economic challenges. The registrations stood at 1.26 lakh in 2023, 1.22 lakh in 2022, and 1.11 lakh in 2021. Property registrations for 2020 and before that have historically been under 1 lakh.
Mumbai’s premium housing segment has seen significant traction. Properties priced at ₹2 crore and above accounted for 23% of total registrations in December 2024, up from 18% in December 2023. Transactions in this segment reached 2,879, indicating a growing preference for luxury homes. Conversely, properties valued under ₹50 lakh saw a decline in their market share, dropping from 30% in 2023 to 25% in 2024, reflecting a shift in buyer preferences towards higher-value assets, Knight Frank India said in its report.
Western and Central suburbs maintained their dominance, contributing 86% of the total market share. Notably, the central suburbs saw a surge in their share from 29% to 33%, driven by increased supply and heightened interest from end-users. Meanwhile, the western suburbs experienced a marginal decline, from 57% to 53%.
Prashant Sharma, President, NAREDCO Maharashtra said: "The remarkable growth in Mumbai’s property registrations underscores the resilience and robust demand within the city’s real estate market. The significant rise in stamp duty collections highlights the growing preference for premium properties, reflecting buyer confidence. As Mumbai continues to attract end-users and investors alike, this positive trend reaffirms the city’s position as a dynamic and lucrative real estate hub."
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