Property registration in Mumbai jumps 17% Y-o-Y & stamp duty collection surges over 19%

According to the data provided by the Inspector General of Registration and Controller of Stamps, property registrations in the Mumbai real estate market witnessed a significant growth of over 17% in May 2024. The number of registrations surged from 9,823 in the previous year to 11,520.

During April 2024, a total of 11,648 property registrations were reported in the Mumbai real estate market. 

Stamp duty collections in the Mumbai real estate market increased by more than 19% to Rs.992 crore in May 2024, compared to ₹832 crore in May 2023, according to data from the Maharashtra government. As of 12 noon on May 31, the collections for April 2024 were recorded at Rs.1,058 crore.

According to a real estate consultant, Knight Frank India, an analysis conducted in April 2024 revealed that residential units accounted for 80% of the registered properties in the Mumbai real estate market.

In the Mumbai real estate market of May 2024, the majority of property buyers were millennials, making up 38% of the overall market share. Following closely behind were Generation X buyers, comprising 35% of the total. Both millennials and Gen X buyers fall within the age range of 28 to 59 years.

Additionally, the data reveals that properties ranging from 500 to 1,000 sq ft garnered the highest number of registrations, accounting for 51% of the total in May 2024.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, commented,"The continuous year-on-year growth in property sales and registrations, despite a rise in average prices across the city, reflects the appetite of the market as well as the confidence buyers have in the economic fundamentals of the country. This positive trend is expected to persist, bolstered by strong economic growth and a favorable interest rate environment, creating an encouraging atmosphere for potential buyers."