Mumbai’s real estate market has reached a historic milestone in 2024, with over 1.41 lakh property registrations, marking an 11% increase from the 1,26,937 properties registered in 2023, according to data from the Inspector General of Registration and Controller of Stamps of Maharashtra.
The revenue from property registrations through stamp duty collections grew by 12% year-on-year, reaching ₹12,161 crore, compared to ₹10,871 crore in 2023.
Residential properties accounted for 80% of the total registered properties, while non-residential assets made up the remaining 20%, as reported by Knight Frank India, a leading real estate consultancy. The report revealed that December 2024 alone saw 12,518 property registrations, contributing ₹1,154 crore to the state exchequer, surpassing the December 2023 figures of 12,285 registrations and ₹933 crore in revenue.
In 2024, Mumbai had over 1.41 lakh property registrations, the highest in 13 years, demonstrating the city’s sustained demand for real estate despite global economic challenges. For comparison, registrations stood at 1.26 lakh in 2023, 1.22 lakh in 2022, and 1.11 lakh in 2021. Property registrations prior to 2020 had historically been below 1 lakh.
Mumbai’s premium housing segment has also seen significant growth. Properties priced at ₹2 crore and above made up 23% of total registrations in December 2024, up from 18% in December 2023. This segment witnessed 2,879 transactions, reflecting a growing preference for luxury homes. On the other hand, properties priced under ₹50 lakh saw a decline in market share, dropping from 30% in 2023 to 25% in 2024. This shift indicates a preference among buyers for higher-value assets, according to Knight Frank India’s report.
Western and Central suburbs continued to dominate the market, accounting for 86% of the total market share. Notably, the central suburbs saw a rise in their share from 29% to 33%, driven by increased supply and heightened demand from end-users. Meanwhile, the western suburbs experienced a slight decline in market share, from 57% to 53%.
Real estate industry leaders shared their views on the property registration numbers for December 2024:
Prashant Sharma, President, NAREDCO Maharashtra:
“The remarkable growth in Mumbai’s property registrations highlights the resilience and robust demand within the city’s real estate market. The rise in stamp duty collections reflects the growing preference for premium properties and signals buyer confidence. This positive trend reaffirms Mumbai’s position as a dynamic and lucrative real estate hub.”
Rohan Khatau, Director, CCI Projects:
“The substantial increase in property registrations, along with a 12% year-on-year rise 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.”
Nishant Deshmukh, Founder and Managing Partner, Sugee Group:
“The sustained increase in property registrations points to a mature market with discerning buyers making informed decisions. Mumbai’s growing real estate market aligns with the rise in well-planned developments offering connectivity and amenities. As a developer, we are optimistic about meeting this evolving demand through projects that balance luxury and accessibility.”
Samyak Jain, Director, Siddha Group:
“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 rise in the central suburbs’ market share indicates growing interest in the area, driven by modern infrastructure and seamless connectivity.”
Shraddha Kedia-Agarwal, Director, Transcon Developers:
“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 align with today’s lifestyle needs.”
Abhishek Jain, COO, Satellite Developers Private Limited (SDPL):
“The 11% rise in property registrations in 2024 shows a healthy market driven by end-user demand and favorable economic conditions. The significant growth in premium property transactions underscores the increasing appetite for luxury housing.”
Govind Krishnan Muthukumar, Managing Director & Co-founder, Tridhaatu Realty:
“The 2024 property registration data underscores the importance of well-designed, strategically located developments. The shift towards premium properties, combined with the rise in central suburbs’ market share, signals a maturing real estate market. We are aligned with this trend, focusing on creating sustainable communities that cater to the aspirations of modern homebuyers.”
Mumbai’s real estate market in 2024 reflects a dynamic shift toward premium housing, a growing demand for suburban developments, and an overall healthy market outlook, driven by economic growth and strategic infrastructure development.
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