Property registrations in Mumbai for November crossed 10,000 units, as demand for residences sustained and revenue from stamp duty was over ₹900 crore with more higher values homes being transacted.
Data from the state government showed that 10,213 units were registered in November, up 4.9 per cent on year while revenue was around 30 per cent higher than year ago.
Sequentially however there was a fall both in number of units registered and the revenue. November was a slow month as most of the major festivals such as Diwali and Navratri were packed in October, when most people usually make large value purchases considering it auspicious.
“The reduced activity in November may also reflect a market pause following October’s robust performance further catalysed by elections in the state, which further impacted activities,” said Knight Frank India on the data.
In the 11 months of 2024 so far 1.29 lakh units have been sold in Mumbai, compared to 1.15 lakh units in the same period last year.
“Mumbai’s real estate has been on a growth streak for the last 11 months and this year it is likely, that Mumbai will cross the 1.5 lakh home sales mark overall,” said Amit Jain, Chairman and Managing Director of Arkade Developers.
“Overall, we expect December to be better as families will be stepping into their new homes in the new year. We are also expecting NRI investments in Mumbai in December,” he added.
KFI’s analysis of the property registration data showed that higher value properties of ticket size of Rs 2 crore and above accounted for nearly a fourth of the transactions, compared to 17 per cent earlier. The share of properties priced below Rs 50 lakhs fell to a fifth from 28 per cent year ago. There was also more demand for larger sized houses.
“There is a sustained and steady momentum in Mumbai’s housing market influenced by multiple factors including the stable MPC rate, strengthened purchasing power and the desire to upgrade to bigger and better homes, especially in a township format,” said Dhaval Ajmera, Director, Ajmera Realty & Infra India.
