Introduction
Mumbai City (an area under BMC jurisdiction) recorded 14,411 property registrations in March 2024. Contributing Rs 1,143 crore for the state government. According to a Knight Frank report, registrations grew by 10% year-on-year (YoY). However, revenue from property registrations declined by 7% on a year-over-year basis.
Table of Contents
- Mumbai Property Sale Registration
- Government Revenue Collection
- Decline in the Proportion of Apartments
- Apartment Sales By Area
The stamp duty collections have come down due to the central Government’s decision to limit tax deductions on capital gains on the sale of residential property after March 31, 2023. 20% and 29% respectively during the month (MoM). Of the total registered properties, residential units account for 80%.
Mumbai Property Sale Registration
In March 2024, the Mumbai Property Sale Registration registered 14,411 properties in Mumbai City, which falls under the jurisdiction of the Bombay Municipal Corporation.
| Period (Month and Year) | Registration (Units) | Year-over-Year | Month-over-Month |
| Mar-23 | 13,151 | -21% | 36% |
| Apr-23 | 10,514 | -10% | -20% |
| May-23 | 9,823 | 0% | -7% |
| Jun-23 | 10,319 | 4% | 5% |
| Jul-23 | 10,221 | -10% | -1% |
| Aug-23 | 10,902 | 27% | 7% |
| Sep-23 | 10,694 | 24% | -2% |
| Oct-23 | 10,607 | 26% | -1% |
| Nov-23 | 9,736 | 9% | -8% |
| Dec-23 | 12,255 | 31% | 26% |
| Jan-24 | 10,967 | 22% | -11% |
| Feb-24 | 12,056 | 24% | 10% |
| Mar-24* | 14,441 | 10% | 20% |
Government Revenue Collection
Contributing Rs 1,143 crores to the state government. Revenue from property registrations dipped by 7% on a year-over-year basis.
| Period (Month and Year) | Revenue (INR cr) | Year-over-Year | Month-over-Month |
| Mar-23 | 1,226 | 6% | 10% |
| Apr-23 | 900 | 22% | -27% |
| May-23 | 833 | 15% | -7% |
| Jun-23 | 859 | 17% | 3% |
| Jul-23 | 831 | 0.3% | -3% |
| Aug-23 | 810 | 26% | -2% |
| Sep-23 | 1,127 | 54% | 39% |
| Oct-23 | 835 | 15% | -26% |
| Nov-23 | 712 | 4% | -15% |
| Dec-23 | 932 | 12% | 31% |
| Jan-24 | 760 | 10% | -19% |
| Feb-24 | 885 | -20% | 16% |
| Mar-24* | 1,093 | -7% | 29% |
Decline in the Proportion of Apartments
In March 2024, houses in the area of 500 to 1000 square feet (sq ft) emerged as the preferred choice for home buyers. However, there was a decline in the proportion of apartments measuring 500 square feet and below. Which saw an increase in the first two months of 2024.
In contrast, the percentage of apartments above 1000 square feet has increased to 15%, representing the highest share. In this quarter. The report highlights that home buyers in Mumbai have shown a clear preference for larger apartments in recent months, as evidenced by the rising trend in their share.
Apartment Sales By Area
Apartment sales increase by region. There are chances of rates falling at times. Sometimes it can even increase, depending on the situation.
| Area (sq ft) | Share in January 2024 | Share February 2024 | Share March 2024 |
| Up to 500 | 48% | 45% | 41% |
| 500 – 1,000 | 43% | 42% | 43% |
| 1,000 – 2,000 | 8% | 11% | 12% |
| over 2,000 | 1% | 3% | 3% |
Of the total registered properties, hubs for new launches offer a wide range of modern amenities and good connectivity. 86% of western suburb consumers and 92% of central suburb consumers choose to shop at their micro market. This choice is influenced by the familiarity of the location along with the availability of products that meet their price and feature preferences.
Conclusion
Mumbai’s residential real estate sector continued to perform exceptionally well in March 2024. Strong economic growth and favorable interest rate environments, especially in the coming quarters. This optimistic trend is likely to continue. It creates momentum and promotes a favorable environment for prospective home buyers. For more information, visit openplot.
Also read: Signature View Apartment: DDA Initiates Demolition Plans for Noida’s Twin Towers