Mumbai Registers Over 9,400 Properties In November 2024, Collects Rs 825 Crore In Stamp Responsibility – News18
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Within the 11 months of 2024, Mumbai recorded 127,987 property registrations, marking a 12 per cent year-on-year enhance.
Demand for higher-valued properties in Mumbai noticed a major enhance, with properties priced at Rs 2 crore and above making up 23 per cent of registrations in November 2024.
The Mumbai metropolis, underneath the jurisdiction of the Brihanmumbai Municipal Company (BMC), is projected to file over 9,419 property registrations in November 2024, producing greater than Rs 826 crores in income for the state exchequer, in keeping with a report by actual property consultancy agency Knight Frank.
“In comparison with the identical interval final yr, property registrations famous a modest decline of three per cent, whereas stamp obligation collections elevated by 16 per cent year-on-year, pushed by a notable rise in high-value transactions,” Knight Frank mentioned within the report.
On a sequential foundation (month-on-month), property registrations noticed a decline of 27 per cent, with income collections reducing by 31 per cent, it added.
“This development is attributed primarily to the seasonal surge noticed in October, fuelled by the festive actions of Diwali and Navratri. The diminished exercise in November might also mirror a market pause following October’s strong efficiency additional catalysed by-elections within the state, which additional impacted actions. Residential accounted for 80 per cent of complete registrations in November,” Knight Frank mentioned.
Property Registration in 2024
Within the 11 months of 2024, Mumbai recorded 1,27,987 property registrations, marking a 12 per cent year-on-year enhance. Income collections inched near the 11,000 cr milestone in November 2024, — the quickest progress in a decade — with a ten per cent YoY rise.
“This sustained exercise in property transactions displays rising financial prosperity and continued sentiment towards homeownership amongst Mumbai’s residents,” Knight Frank mentioned within the report.
Shishir Baijal, chairman and managing director of Knight Frank India, mentioned, “Mumbai’s property market continues to display exceptional resilience and adaptableness to evolving purchaser preferences. Whereas registrations noticed a marginal 3 per cent year-on-year decline in November 2024, this was offset by a strong 16 per cent progress in income, pushed by an uptick in high-value transactions.”
The sequential dip following the festive-driven surge in October displays a pure section of market consolidation. Considerably, the rising demand for premium properties and bigger residing areas underscores a decisive shift in direction of high quality, worth, and long-term funding in Mumbai’s ever-dynamic actual property panorama, he added.
Greater-Worth Properties Value Rs 2 Crore and Above
Demand for higher-valued properties noticed a major enhance, with properties priced at Rs 2 crore and above making up 23 per cent of registrations in November 2024, up from 17 per cent the earlier yr.
Transactions on this phase totalled to 2,147 properties. In the meantime, the share of properties valued at lower than Rs 50 lakh dropped sharply, falling from 28 per cent in November 2023 to twenty per cent in November 2024.
Properties Up To 1,000 Sqft Proceed To Lead in Registrations
In November 2024, flats sized between 500 and 1,000 sq ft remained the most well-liked, representing 48 per cent of all registrations. The share of bigger flats measuring 1,000 to 2,000 sq ft rose from 8 per cent to 14 per cent, and people over 2,000 sq ft grew from 2 per cent to five per cent, reflecting a gradual shift in purchaser choice in direction of extra spacious residing areas. Smaller items as much as 500 sq ft noticed a pointy lower, from 47 per cent to 33 per cent, in keeping with Knight Frank.
Western Suburb and Central Suburb
These areas account for 86 per cent of the full market share. In November 2024, Central Suburbs noticed a progress in market share, rising from 29 per cent to 31 per cent, and South Mumbai elevated from 7 per cent to 9 per cent.
Each these areas have seen an increase in provide in latest time which has piqued end-user curiosity. Central Mumbai maintained a secure 7 per cent share, whereas the Western Suburbs skilled a slight lower from 57 per cent to 53 per cent.
