Greater Mumbai (the area under BMC jurisdiction) in March 2024 recorded registration of 14,411 properties, contributing to a revenue of Rs 1,143 crore for the state government.
Registrations increased by 10% year-on-year (YoY) while revenue from property registrations dipped by 7% on a YoY basis.
On a month-on-month (MoM) basis, total registration and stamp duty collections increased by 20% and 29% respectively.
Here are comments from a few real estate experts on the robust property registration numbers.
Mr. Prashant Sharma – President, NAREDCO Maharashtra
“The Mumbai real estate market continues to show an upward trajectory with property registrations showing a significant increase, that exemplifies home buyer confidence in the property market. The robust property registration numbers have also helped in substantial revenue collections for the state government. The realty sector has been resilient driven by positive market sentiments. The desire of home ownership, increase in income levels coupled with high aspiration levels of a better lifestyle have all contributed to this sustained real estate growth.”
Mr. Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“The Mumbai property market has once again performed exceptionally well with a record number of properties having been registered, clearly reflecting the importance of owning a home. The city is undergoing a major infrastructure overhaul; improvement in its connectivity is seeing newer areas coming under the housing ambit. This has spearheaded economic growth and has created a vibrant housing market that reflects the aspirations of today’s home buyers.”
Mr. Rohan Khatau, Director, CCI Projects
“An unparalleled rise in Mumbai’s real estate sector underscores a significant shift towards homeownership among modern buyers. Bolstered by improved infrastructure and heightened connectivity, particularly in Mumbai’s western suburbs, the surge in property purchases highlights a growing appreciation for investing in prime residential locations. This trend mirrors a broader recognition of the enduring value of owning a place to call home.”
Mr. Vedanshu Kedia, Director, Prescon Group
“We’re witnessing a significant uplift in property registrations, a direct reflection of the robust demand and confidence in the Mumbai real estate market. The 10% year-on-year increase in registrations underlines the enduring appeal of Mumbai as a premier destination for property investment. The month-on-month increase in total registrations coupled with a rise in stamp duty collections is a clear indicator of market resilience and a positive outlook. It’s an exciting time for the industry, and we are optimistic about the continued growth and dynamism in the Mumbai real estate sector.”