Mumbai property registrations rise 11% Y-o-Y in June 2024; stamp duty collections up by 15%

Property registrations in the Mumbai real estate market increased by 11% in June 2024 compared to the previous year, reaching 11,443 from 10,319. This growth trend was also reflected in the stamp duty collections, which rose by 15% to 986 crore in May 2024 from 859 crore in June 2023.

Residential units accounted for around 80% of the total property registrations in Mumbai on a monthly basis. The average number of registrations in the first half of 2024 exceeded the twelve-month average for 2023, indicating a strong residential market in Mumbai.

According to Knight Frank India, the rise in government revenue collection in the first half of 2024 was 8% higher than in 2023, thanks to the higher volume and value of properties being registered. This positive trend is expected to continue, driven by factors such as strong GDP growth, rising income levels, and favorable interest rates.

In June 2024, there was a notable increase in the registration of apartments measuring between 500 sqft and 1,000 sqft, accounting for 46% of all property registrations. This shift towards larger apartments was reflected in the decline of registrations for units under 500 sqft.

Developers in Mumbai have expressed optimism about the growth in home sales registrations, attributing it to improved connectivity across the city and a surge in redevelopment projects. The demand for housing is expected to continue to rise across all segments and micro-markets in the region.