Mumbai Sees Record 5-Yr High In Property Sales With 1.41L Registrations In 2024

Mumbai: Mumbai's real estate market has achieved a remarkable milestone, registering over 1.41 lakh property sales in 2024, marking a five-year high. According to the Inspector General of Registration and Controller of Stamps of Maharashtra, this figure represents an 11 per cent increase compared to the 1.27 lakh properties registered in 2023. Additionally, it is a 115 per cent surge from 2020, when just 65,632 homes were registered.

The record growth underscores the rising purchasing power among homebuyers, despite the challenges posed by tax pressures. “This reflects a shift in preference towards real estate as a preferred asset class, especially in the face of uncertain global markets,” said Amit Jain, Chairman & Managing Director of Arkade Developers, in an exclusive conversation with Bizz Buzz. Jain also anticipates continued momentum in 2025, with a strong transition to mid-segment and luxury housing.

Mumbai's residential sales in 2024 have been consistent, with an 11 per cent year-on-year growth compared to 2023. The city recorded over 12,000 home sales on six separate occasions during the year, highlighting the robust consumer demand. Dhaval Ajmera, Director of Ajmera Realty & Infra India, attributes this surge to improvements in infrastructure connectivity, which has significantly boosted demand for properties across various city pockets. He also pointed to economic growth, which has bolstered the purchasing power of buyers, leading them to aspire for higher-quality living spaces.

The robust demand has been further reflected in property registration revenues, which grew by 12 per cent year-on-year. Stamp duty collections in 2024 are estimated at 12,161 crore, up from 10,871 crore in 2023. Residential properties accounted for 80 per cent of total registrations, while the remaining 20 per cent were non-residential assets, according to Knight Frank India. The month of December alone saw 12,518 property registrations, contributing 1,154 crore to the state exchequer, surpassing the figures from December 2023, which saw 12,285 registrations and 933 crore in revenue.

The premium housing segment has also seen strong growth, with properties priced at ₹2 crore and above accounting for 23 per cent of total registrations in December 2024, compared to 18 per cent in December 2023. This growth reflects a shift in buyer preferences towards luxury homes. Meanwhile, properties valued below 50 lakh have seen a decline in market share, from 30 per cent in 2023 to 25 per cent in 2024.

Western and Central suburbs continue to dominate Mumbai's real estate market, with the central suburbs showing an impressive increase in market share, rising from 29 per cent to 33 per cent in 2024. The western suburbs, however, saw a slight decline, from 57 per cent to 53 per cent.