Mumbai Real Estate Market records 1.41 lakh Property Registrations in 2024

Mumbai’s real estate market is set to achieve 1,41,302 property registrations in 2024, marking an 11% growth compared to 1,26,937 registrations in 2023, as per data from the Inspector General of Registration and Controller of Stamps, Maharashtra.

Stamp duty revenue for the year reached Rs. 12,161 crores, reflecting a 12% increase from Rs. 10,871 crores in 2023. Residential properties accounted for 80% of the registrations, with non-residential assets comprising the remaining 20%, according to real estate consultancy Knight Frank India.

December 2024 saw 12,145 property registrations, a 23% increase month-on-month.  

Shishir Baijal, Chairman and Managing Director of Knight Frank India, highlighted the market’s strong performance, noting robust demand for premium and spacious homes.

Overall, the year’s 11% growth in registrations contributed to a 12% surge in revenue, marking the fastest growth rate in a decade.

Mumbai’s real estate market continues to demonstrate its significance as a driver of economic activity and a preferred long-term investment destination, reflecting evolved homebuyer preferences for quality and value.

According to Knight Frank India, 2024 marked the highest number of property registrations in the past 13 years, with over 1.41 lakh registrations. This figure surpasses 1.26 lakh in 2023, 1.22 lakh in 2022, and 1.11 lakh in 2021. Historically, property registrations before 2020 remained below the 1 lakh mark.

In December 2024, the city is projected to record 12,518 property registrations, generating Rs. 1,154 crores in stamp duty revenue for the state. This reflects an increase from December 2023, which saw 12,285 registrations and Rs. 933 crores in stamp duty collections.