Don’t Miss This! Mumbai Property Registrations Rise by 9% in April 2024 – What You Need to Know

Mumbai Real Estate Update: Property Registrations Surge in April 2024

The Mumbai real estate market has experienced a 9% rise in property registrations in April 2024, reaching a total of 11,504 registrations, compared to 10,514 in April 2023. A significant portion of these buyers was millennials aged 28-43, who accounted for 37% of the total market share.

Of the registered properties, 80% were residential units, showing the continued demand for homes in the city. Smaller properties, particularly those under 500 sq. ft., dominated the market, with 45% of registrations falling into this category, according to Knight Frank India’s analysis of the data.

In terms of stamp duty collections, the Maharashtra government reported a remarkable 16% increase, with collections reaching Rs 1,043 crore in April 2024, up from Rs 900 crore the previous year. This surge reflects the growing activity in the property market.

Key Highlights of Mumbai Real Estate in April 2024

• 9% Increase in Property Registrations: 11,504 properties were registered in April 2024.
• 80% Residential Properties: Residential units continued to dominate, with a significant share in the market.
• Millennial Buyers Lead the Charge: 37% of the buyers in April 2024 were millennials (28-43 years).
• Stamp Duty Collection Rises by 16%: The increase in property registrations has also boosted the state’s revenue.

Focus on Smaller Properties

Properties measuring under 500 sq. ft. were the most popular among buyers in April 2024. This indicates the growing preference for compact homes in Mumbai, likely due to their affordability and strategic location advantages.

Conclusion: A Growing Market

The Mumbai real estate market is on an upward trajectory, driven by strong residential demand, especially from millennials. With growing stamp duty collections and an increasing number of property registrations, Mumbai continues to show resilience in its real estate sector.