Mumbai, December 2, 2024: Mumbai (under the Brihanmumbai Municipal Corporation) experienced a 5% increase in property registrations in November 2024, with 10,216 units registered compared to 9,736 units in the same month last year, according to Knight Frank India. While there was a month-on-month decline from October’s strong performance, which saw 12,960 units registered, the rise in property registrations year-on-year reflects sustained demand in the housing market. Stamp duty collections also saw a significant 30% increase in November 2024 compared to November 2023, pointing to a preference for higher-value properties.
Experts suggest that the dip in registrations from October may reflect a brief market pause following the heightened activity in the previous month, which was also influenced by state elections.
Rising Demand for Premium Properties
Notably, there has been a surge in demand for high-value properties. Properties priced at ₹2 crore and above accounted for 23% of all registrations in November 2024, up from 17% in the previous year. This amounted to 2,147 premium properties being registered. In contrast, the share of properties valued under ₹50 lakh dropped significantly, from 28% in November 2023 to 20% in November 2024, as per Knight Frank India’s analysis.
Industry Reactions
Real estate leaders have commented on the latest data and what it signifies for Mumbai’s property market:
Prashant Sharma, President of NAREDCO Maharashtra, remarked, “The 5% year-on-year growth in property registrations and the sharp rise in stamp duty collections highlight the resilience of Mumbai’s real estate market. The increased demand for properties priced at ₹2 crore and above showcases the growing strength of the premium segment. This trend underscores the importance of creating a conducive environment for high-value housing investments through supportive policies and infrastructure development.”
Anil Mutha, Chief Visionary & Co-Founder of Nandivardhan Group, said, “The November registration data signals a shift in buyer sentiment toward higher-value homes. The surge in demand for properties priced at ₹2 crore and above reflects the evolving demographics of Mumbai’s affluent buyers. We’ve seen similar trends in our projects, where buyers are seeking premium properties that promise long-term value, lifestyle enhancement, and appreciation.”
Rohan Khatau, Director of CCI Projects, added, “The increase in registrations for properties above ₹2 crore indicates strong demand for quality housing. While the decline in affordable housing registrations is concerning, it highlights the need for continued efforts to address affordability and expand housing access.”
Shraddha Kedia-Agarwal, Director of Transcon Developers, commented, “The surge in high-value property demand shows a growing confidence in the market. We are focused on delivering projects that align with these emerging trends, ensuring a blend of luxury and sustainability. This data emphasizes the importance of strategic initiatives to maintain market momentum.”
Samyak Jain, Director of Siddha Group, stated, “The year-on-year growth in registrations and the demand for luxury properties are encouraging signs for Mumbai’s real estate market. We see this as validation of our efforts to deliver high-quality homes that meet the aspirations of today’s buyers. However, the decline in affordable housing calls for renewed focus on addressing housing affordability.”
Govind Krishnan Muthukumar, Managing Director & Co-founder of Tridhaatu Realty, observed, “The rise in stamp duty collections despite a slight dip in registrations from October indicates sustained demand for higher-value transactions. Developers must focus on creating projects that meet buyers’ evolving needs while contributing to the city’s sustainable growth.”
Vedanshu Kedia, Director of Prescon Group, noted, “The strong demand for premium housing reflects a more mature market where homebuyers prioritize value over price. This trend presents an opportunity for developers to innovate and offer solutions that cater to discerning buyers. Government initiatives aimed at boosting real estate growth and infrastructure are crucial for maintaining this positive trajectory.”
Abhishek Jain, COO of Satellite Developers Private Limited, commented, “Mumbai’s real estate market continues to evolve with an increasing demand for premium properties. This positive sentiment, particularly in the post-pandemic era, indicates that buyers are seeking homes that align with their enhanced lifestyle needs. We remain committed to meeting this demand through projects that set new standards in quality and customer satisfaction.”
The Premium Segment’s Growth
The increase in registrations for higher-value properties signals a shift in buyer preferences toward luxury and quality housing, reinforcing Mumbai’s status as a global financial hub. The trend toward premium homes, along with the rise in stamp duty collections, highlights the growing aspiration of homebuyers seeking homes that offer long-term value and a better lifestyle. However, the decline in affordable housing registrations suggests that there is still a need for policies and initiatives focused on improving housing affordability in the city.
Also Read:Mumbai’s Real Estate Boom: A Developer’s Perspective on Rising Property Registrations
