Mumbai’s real estate market has reached a historic high in 2024, with over 1.41 lakh property registrations, marking an 11% increase from 2023’s 1,26,937 registrations. This surge, recorded by the Inspector General of Registration and Controller of Stamps of Maharashtra, highlights the city’s sustained demand for real estate despite global economic challenges.
The stamp duty revenue also saw a notable 12% year-on-year growth, totalling ₹12,161 crore in 2024, compared to ₹10,871 crore in 2023. Residential properties made up 80% of the registered properties, while non-residential assets accounted for 20%, according to Knight Frank India.
December alone witnessed 12,518 property registrations
December 2024 alone witnessed 12,518 property registrations, contributing ₹1,154 crore to the state’s coffers, surpassing the December 2023 figures of 12,285 registrations and ₹933 crore in revenue. In total, Mumbai’s property registrations in 2024 reached the highest number in 13 years, reflecting the city’s continued real estate demand. The market for premium properties has seen an upswing, with properties priced at ₹2 crore and above now accounting for 23% of total registrations, up from 18% in December 2023. Meanwhile, properties priced under ₹50 lakh saw a decline in market share, from 30% in 2023 to 25% in 2024, indicating a shift toward higher-value assets.
The western and central suburbs of Mumbai remained the dominant zones, contributing 86% to the market. The central suburbs saw a notable rise in their share, from 29% to 33%, driven by an increase in supply and demand from end-users. On the other hand, the western suburbs experienced a slight dip, from 57% to 53%.
Real estate industry leaders have shared their views on the growing market:
“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.”
–Prashant Sharma, President, NAREDCO Maharashtra
“The substantial rise in property registrations along with a 12% year-on-year increase in revenue from stamp duty collections highlights the buoyant market sentiment in Mumbai. The demand for premium homes in key suburbs reflects a clear trend toward lifestyle-driven investments.”
–Rohan Khatau, Director, CCI Projects
“The consistent growth in property registrations and revenue is a testament to Mumbai’s strong economic fundamentals and its ability to adapt to evolving buyer preferences. The central suburbs’ rise in market share signals a growing interest in this area offering modern infrastructure and seamless connectivity.”
–Samyak Jain, Director, Siddha Group
“The upward trend in Mumbai’s property market reflects not only the city’s resilience but also the aspirations of its buyers. The increased share of properties priced above ₹2 crore showcases a preference for quality living spaces that resonate with today’s lifestyle needs.”
–Shraddha Kedia-Agarwal, Director, Transcon Developers
