Property Registrations in Mumbai Reach 13-Year High with 1.41 Lakh Units Sold in 2024
Property registrations in Mumbai city have hit a 13-year high in 2024, with over 1.41 lakh units sold, according to a recent report by Knight Frank India. This surge, driven by strong housing demand, marks an 11 percent increase from the previous year and represents a significant milestone for the city.
In December 2024 alone, Mumbai recorded 12,418 property registrations under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC), generating a whopping Rs 1,134 crore in revenue for the state exchequer. Residential properties accounted for 80 percent of these registrations, indicating a robust demand in the real estate market.
The total number of property sales registrations for the entire year is projected to reach 1,41,202 units, with an estimated revenue of Rs 12,141 crore. These figures not only set a new 13-year high but also reflect a positive trend in the real estate sector, showcasing Mumbai’s market as a key driver of economic activity and an attractive long-term investment.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, emphasized the evolving homebuyer preferences for quality and value, driving the fastest revenue growth in a decade. He highlighted the significance of this trend in shaping the real estate landscape and contributing to the city’s economic vitality.
Akhil Saraf, Founder and CEO of proptech firm Reloy, echoed the sentiment of strong demand for residential properties across all segments. He noted that reputed developers are attracting significant buyer interest by offering premium projects in prime locations with modern amenities. Saraf also pointed out the potential for continued growth, especially with infrastructure development in the Mumbai Metropolitan Region (MMR) creating new opportunities for residential project development.
Overall, the surge in property registrations in Mumbai signifies a positive outlook for the real estate market and underscores the city’s position as a thriving hub for property investment and development. As the market continues to evolve and adapt to changing consumer preferences, stakeholders are optimistic about the future growth prospects in the region.
