Mumbai: Mumbai city has recorded over 1,05,664 property registrations in the first nine months of 2024, contributing more than Rs 8,892 crore to the state exchequer during this period. Property registrations observed a 12% year-on-year (YoY) growth while revenue grew by 6% YoY during the same period. Sustained buyer confidence has fueled consistent sales, driven by city's property registration growth, Knight Frank said in its report.

This sustained momentum in property transactions stems from the rising economic prosperity and growing preference for homeownership among Mumbai's residents. In September 2024, residential units constituted 80% of total registrations, underscoring strong housing demand in the city.

In September 2024, Mumbai recorded 9,167 property registrations, reflecting a 14% YoY decline, with revenue falling 21% YoY to INR 892 cr. The decline in home registrations in September 2024 can be primarily attributed to the inauspicious days of ‘Pitrupaksha’, which constituted 12 days of month in 2024, when traditionally individuals refrain from making significant purchases or engaging in high-value transactions.

Shishir Baijal, Chairman & Managing Director, Knight Frank Idia, said “Mumbai’s residential market has sustained strong momentum in 2024, with September marking a key milestone as the city surpassed 100,000 property registrations—the fastest pace in a decade. Steady homebuyer confidence, driven by a positive economic outlook and stable interest rates, led to the robust sales throughout the first nine months of the year.”

Demand for high-valued properties saw a significant increase, with properties priced at Rs 2 crore and above making up 23% of registrations in September 2024, up from 18% the previous year. Transactions in this segment totalled to 2,108 properties. Meanwhile, the share of properties valued at less than Rs 50 lakh dropped sharply, falling from 28% in September 2023 to 17% in September 2024.

In September 2024, there was a significant increase in the registration of apartments measuring between 500 sq ft to 1,000 sq ft, accounting for 52% of all property registrations. Meanwhile, apartments measuring 1000 sq ft and above jumped from 19% in 2023 to 22% in 2024, indicating a shift in preference towards larger apartments, the report said.

The share of property registrations in the western suburbs remained steady at 57% as compared to September, 2023. Notably, South Mumbai observed a rise in share from 7% in September, 2023 to 10% in September, 2024.

Sharing his views on the same, Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd said, "The real estate sector witnessed a decline in home sales in September this year on a YoY and MoM basis. This dip is temporary and is a characteristic trend in Indian homebuying dynamics. Typically, festive buying in India picks up from the end of September 2024, and given this behavioural factor, home sales are expected to soar dramatically."

"As a whole, the real estate sector is witnessing sustained growth which will continue to scale new heights with the backdrop of a strong economy, empowered purchasing capabilities and tremendous infrastructural development across the length and breadth of the city. We are expecting an approximate rise of 20%-30% in home sales this year and the trend hints towards a major inclination of the homebuyers towards 2 to 3 BHKs," Ajmera added.