Mumbai Sees 20% Rise in Property Registrations in May This Year

Mumbai's real estate market is witnessing a significant surge. According to a report by international real estate advisor Knight Frank, over 11,802 units of property were registered in Mumbai (are under BMC jurisdiction) in May 2024. This would bring over INR 1,010 crore to the Maharashtra exchequer for that month alone.

Compared to the same period last year, property registrations have increased by 20%. Meanwhile, the revenues from property registration are also predicted to rise by 21% year over year (YoY). This consistent growth in property registrations has been observed since August 2023, marking 10 consecutive months of year-over-year growth.

The first five months of this year saw a total of 60,622 properties registered, an increase of 16% year. In comparison, 52,173 properties were registered during the same period in 2023. In May 2024, residential properties accounted for 80% of all the properties registered.

Interestingly, up to 50% of registered residential properties fell within the price range of more than INR 1 crore. This supports the city's ongoing upward trend in property registrations, particularly for higher-value homes. In fact, about 21% of properties registered in May 2024 had a price tag of more than INR 2 crore.

The registration of flats with a floor area of between 500 and 1,000 square feet saw an increase in May 2024. This was 51% of all property registrations. By comparison, 33% of registrations were for flats up to 500 square feet. Just 15% of all registrations were for apartments measuring 1,000 square feet or more.

The Central and Western suburbs jointly accounted for over 75% of all properties registered. These areas are the main locations for new developments that offer a wide choice of contemporary facilities and excellent connections. 

The survey concluded that the familiarity of the area and the availability of products that match their preferred features and price points had an impact on this decision. In fact, 93% of consumers in central suburbs and 85% of consumers in western suburbs choose to shop in their local micro market.