Mumbai Property Registrations Hit 13-Year High in 2024

Mumbai, Jan 1 (PTI) Mumbai city municipal area saw an 11 per cent increase in registration of properties during 2024 calendar year at 1,41,202 units -- a 13-year high -- on strong housing demand, according to Knight Frank India.

Mumbai city, under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC), recorded 12,418 property registrations in December 2024, generating Rs 1,134 crore in revenue for the state exchequer, real estate consultant Knight Frank India said, citing the government data.

Residential properties accounted for 80 per cent of the total registrations in December.

In December 2023, there were 12,285 properties registered.

"The total number of property sales registration for the year 2024 will reach 1,41,202 while revenue generated from property registrations for the year is estimated to stand at Rs 12,141 crore. Both these represent a new 13-year high," the statement said.

"Property registrations for January to December 2024 grew by 11 per cent YoY, driving the fastest revenue growth in a decade at 12 per cent. This trend reflects evolved homebuyer preferences for quality and value. The data also indicates Mumbai's real estate market as a key driver of economic activity and an attractive long-term investment," Knight Frank India Chairman and Managing Director Shishir Baijal said.

Akhil Saraf, Founder and CEO of proptech firm Reloy, said there is a strong demand for residential properties across all segments.

"Reputed developers are attracting significant buyer interest and commanding premiums for projects situated in prime locations with modern amenities. This trend is expected to persist, especially with infrastructure development in the Mumbai Metropolitan Region (MMR) opening up new areas for residential project development," said Saraf, whose company helps realty firms generate referral sales.