Mumbai’s Real Estate Market Soars: 8% Rise in Property Registrations, 32% Jump in Stamp Duty Collections

Mumbai’s real estate market demonstrated significant growth in August 2024, with property registrations increasing by 8% year-on-year, rising from 10,902 in August 2023 to 11,735 this year. Despite a 5% seasonal dip from July 2024, the market’s resilience is evident in these figures, according to data from the Inspector General of Registration and Controller of Stamps, Maharashtra.

Stamp duty collections also saw a substantial increase, surging by 32% to ₹1,072 crore in August 2024, up from ₹810 crore the previous year. This rise underscores the strong momentum in Mumbai’s property market, with around 80% of registered properties being residential units, as reported by Knight Frank India.

Industry Insights:

Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI: “The surge in registrations and stamp duty collections highlights robust market demand and consumer confidence. The demand for larger, more spacious residential properties remains strong, particularly in central suburbs, showcasing the resilience of Mumbai’s real estate market.”

Chintan Vasani, Partner Wisebiz Realty: “I find the recent data on Mumbai’s property market to be quite encouraging. These positive trends suggest that Mumbai’s real estate market is on a solid trajectory, and I am optimistic about the future. It is imperative for all stakeholders to collaborate and ensure that this momentum is maintained.”

Naveen Verma, Founder and CEO, Smart Cities Investment: “Mumbai’s unique geographical limitations, coupled with its status as India’s financial capital, have driven real estate prices to unprecedented heights. The city’s growth is increasingly reliant on satellite townships, supported by improved connectivity.”

Rajiv Agrawal, Founder Partner, Saarathi Realtors: “The growth of Mumbai’s real estate market, with an 8% rise in registrations and a 32% increase in stamp duty collections, is driven by strong demand amid economic recovery and renewed investor confidence. There’s a need for slum clearance to free up land for new housing, further boosting stamp duty revenues.”

Priyanka Jindal Gupta, Strategic Advisor, Luv Homes: “The surge in registrations and stamp duty collections is due to strong demand, supportive government policies, and business confidence. With stable interest rates, we’ll see increased interest in luxury homes, especially in the ₹2-4 crore range, as infrastructure development accelerates.”