A report from Knight Frank shows that 2024 has been a promising year for Mumbai City as it is projected to record 12,518 property registrations in December 2024 under the jurisdiction of Brihanmumbai Municipal Corporation (BMC).
Compared to last year, property registration has witnessed a modest 2% rise, while stamp duty collection has surged by a robust 24% on a year-on-year basis.
Both revenue generation and property sale registration touched a 13-year high, as the city locked 141,302 property sales in 2024, with an estimated 12,161 crore generated from the sales.
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Notably, residential properties account for 80 per cent of total property registration.
“The steady rise in registrations and revenue highlights robust demand, especially for premium and spacious homes. The data also indicates Mumbai’s real estate market as a key driver of economic activity and an attractive long-term investment,” Shishir Baijal, Chairman and Managing Director of Knight Frank India noted.
Additionally, the Knight Frank report highlighted the rise in the sale of high-value properties in the city. Of total sales in December, properties worth 2 crores and above accounted for 23 percent of the registrations, up 18 percent from December 2023.
The trend shows a growing inclination towards premium real estate. Conversely, Properties worth 50 lakh rupees and below have registered a significant decline from 30 percent share to 25 percent.
Grabbing, 86 percent share Western Suburb and Central Suburb dominated the total market share.
The report further highlighted that Central Suburbs experienced the most significant growth from 29 percent share to 33 percent in total sales. However, Western Suburb has gone through a slight decline from 57 percent to 53.,
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