Mumbai Real Estate Market Achieves Record 1.41 Lakh Registrations in 2024, 11% Higher Than 2023
Mumbai's real estate market reached new milestones in 2024, with 1,41,202 property registrations, reflecting an 11% increase compared to 2023, as per data from the Inspector General of Registration and Controller of Stamps (IGR), Maharashtra. This marks the highest number of property registrations in over a decade, showcasing consistent demand and shifting buyer preferences.
Monthly Transaction Breakdown (2024)
The market recorded an average of 11,766 property registrations per month, with the following monthly breakdown:
- January: 10,425 registrations
- February: 11,105 registrations
- March: 12,098 registrations
- April: 11,870 registrations
- May: 11,650 registrations
- June: 12,020 registrations
- July: 11,860 registrations
- August: 11,945 registrations
- September: 11,720 registrations
- October: 12,050 registrations
- November: 11,720 registrations
- December: 12,418 registrations
December 2024 Highlights: This month saw the highest registrations of the year, reflecting a surge in year-end buyer activity.
Revenue and Property Trends
Revenue from property registrations reached 12,141 crore, marking a 12% increase over 2023. Residential properties dominated the market, accounting for 80% of total registrations, while non-residential properties made up the remaining 20%.
- Properties priced above 2 crore witnessed significant growth, with their share rising to 23% of total registrations in December 2024, compared to 18% in December 2023.
- Compact units (up to 500 sq. ft.) saw a decline in demand, with their share dropping from 51% to 35%, reflecting a shift towards larger homes.
Larger units measuring 1,000–2,000 sq. ft. gained popularity, with their share rising from 8% to 12%, while demand for homes above 2,000 sq. ft. remained steady at 2%.
Regional Trends
The western and central suburbs remained dominant, accounting for 86% of the total registrations. Among these:
- The central suburbs showed the highest growth, increasing their share from 29% to 33%.
- The western suburbs maintained their lead but saw a slight dip from 57% to 53%.
These trends indicate growing supply and buyer interest in emerging locations, particularly in the central suburbs.
Evolving Market Dynamics
The 2024 property market showcased a distinct shift in buyer preferences:
- A growing inclination toward premium and spacious homes was evident.
- Increased registrations in higher-value segments underscore the demand for quality housing in well-connected and developed areas.
- The rise in revenue and transactions further highlights Mumbai's appeal as a robust investment hub and a preferred destination for homebuyers.
Conclusion
The Mumbai real estate market demonstrated remarkable resilience and adaptability in 2024, achieving record-breaking registrations and revenue. The consistent demand for premium and spacious homes, coupled with a shift in buyer priorities, underscores the city’s position as a key driver of economic growth and real estate development in India. With over 1.41 lakh registrations and a strong year-end performance, Mumbai continues to set benchmarks for the property market across the country.
Expert Opinion
Sandeep Sadh, a prominent real estate advisor, noted, "Mumbai’s real estate market has shown remarkable resilience and growth in 2024. The demand for premium and spacious homes reflects a positive shift in buyer priorities, reinforcing Mumbai as a leading destination for real estate investments."