Mumbai, India’s financial capital, witnessed upward movement in property registration in August. According to the data, Mumbai recorded 8 percent year-on-year growth in August. The number of registrations soared from 10,902 in the last year to 11,735 this year.
The Inspector General of Registration and Controller of Stamps of Maharashtra released the data.
Earlier in July, this year, a total of 12,373 properties were registered in the city. However, the figure dropped from July to August due to the monsoon, real estate experts assume. The Mumbai real estate market saw a 5 percent dip in registration during the said tenure.
In July 2024, the collected stamp duty was figured at Rs. 1,064 crore the data shows. In August, the stamp collection ascended by Rs. 810 crore this year. It is 32 percent more than what was collected in August last year.
According to Knight Frank India, 80 percent of the total property registrations in Mumbai, were from the residential segment. Knight Frank, a real estate consultancy firm, said, the city witnessed the finest eight months in 2024. The overall property registrations for the entire eight months are Rs. 96,601.
It also exhibits a 16 percent rise from 83,615 registrations that took place in the same tenure in 2023.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “Mumbai’s residential market has maintained strong momentum in 2024, with monthly sales showing consistent YoY growth. August stood out, recording the highest growth in revenue compared to the rest of the year. The strong economic outlook and stable interest rates have kept homebuyer sentiments positive, fuelling steady sales.”
Also, the report by Knight Frank India states, that in August 2024, registration for properties covering larger spaces was 49 percent. Housing assets ranging from 500 to 1000 sq ft were registered more than regular in the city. The consultancy firm also said that property registrations were high in multiple localities in Mumbai.
