Over 12,900 properties registered in October 2024 in Mumbai: Report

Mumbai Real Estate Sees Record Growth in Property Registrations and Revenue in October 2024

Mumbai's real estate market continues to show resilience, with a substantial increase in property registrations and revenue collection in October 2024, driven largely by festive season demand. According to a recent Knight Frank India report, Mumbai city (under BMC jurisdiction) recorded approximately 12,929 property registrations, contributing more than ₹1,099 crore to the state’s revenue. This represents a 22% year-on-year growth in registrations and a 32% increase in revenue, marking a robust year for the city’s real estate.

Impact of Festive Season on Real Estate Demand

The surge in property registrations is closely linked to the onset of Navratri and Diwali, times traditionally considered auspicious for property purchases. The end of the Shradh period on October 2, 2024, also played a role, freeing the rest of the month from investment limitations. As a result, demand soared, especially for residential units, which accounted for 80% of the month’s total registrations.

Monthly and Yearly Comparison of Mumbai Property Registrations and Revenue

The table below summarizes the year-on-year (YoY) and month-on-month (MoM) trends in Mumbai’s property registrations and revenue collections over the last year, showcasing the growth in October 2024.

Rise in Property Registrations During Navratri 2024

Navratri, celebrated from October 3 to October 11 in 2024, contributed significantly to Mumbai’s property registrations. A total of 5,199 registrations were recorded during these nine days, marking a 13.2% increase over Navratri 2023’s registrations. Daily registrations also rose from 510 units in 2023 to 578 units in 2024, generating ₹502 crore in revenue, up by 15.3% YoY.

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Market Sentiment and Increased Investment in High-Value Properties

According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, the high volume of property registrations and revenue highlights strong buyer sentiment. Factors such as stable interest rates, attractive festive offers, and demand for premium properties have helped drive this growth. Properties priced above ₹2 crore made up over 22% of total registrations, up from 18% the previous year, signaling a growing preference for higher-end homes.

Shift in Property Price Segments

In October 2024, properties valued between ₹50 lakh and ₹1 crore and ₹1 crore and ₹2 crore each captured 29% of total registrations. Conversely, properties priced below ₹50 lakh saw a decrease from 27% to 20%, reflecting shifting buyer interest toward mid- and high-value properties.

Rising Demand for Spacious Homes

The preference for larger homes continued in October 2024, with properties sized between 500 and 1,000 sqft making up 47% of registrations. Demand for homes between 1,000 and 2,000 sqft rose to 16% from 13%, and those over 2,000 sqft rose to 3% from 2%, showing a gradual shift toward more spacious living.

Popularity of Mumbai’s Western and Central Suburbs

In October 2024, Western and Central Suburbs accounted for 86% of the property registrations. The Central Suburbs increased their share from 29% to 31%, and South Mumbai grew from 7% to 9%. Western Suburbs saw a slight dip from 57% to 53%, yet remained the dominant area.

2024: A Strong Year for Mumbai’s Property Market

Between January and October 2024, Mumbai witnessed a total of 1,18,329 property registrations, a 13% increase from the previous year. Revenue collections also rose by 8%, reflecting an increasingly strong real estate market driven by both economic stability and a rising trend in homeownership.

In summary, Mumbai’s real estate sector is benefiting from a robust demand for residential units, larger living spaces, and premium properties. The combination of festive season demand, stable financial conditions, and continued interest in high-value investments points to an upward trajectory for the market, with expectations of sustained momentum in the coming months.

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