Mumbai Real Estate Market Achieves 13-Year High with 1.41 Lakh Property Registrations in 2024

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Mumbai's real estate sector has demonstrated remarkable resilience and growth, achieving a 13-year high in property registrations in 2024. The city recorded 1.41 lakh property registrations, marking an 11% increase from the 1.26 lakh registrations in 2023. This significant milestone underscores the sustained demand for real estate in Mumbai, even amidst global economic uncertainties.

Revenue Growth from Stamp Duty Collections

The surge in property registrations has positively impacted government revenues. Stamp duty collections witnessed a 12% year-on-year increase, reaching ₹12,161 crore. This rise reflects the growing confidence of both investors and homebuyers in Mumbai's real estate market.

Dominance of Western and Central Suburbs

The western and central suburbs continue to be the most sought-after regions for property buyers in Mumbai.

- Western Suburbs: Accounting for 53% of property registrations in December 2024, areas such as Borivali, Kandivali, Malad, and Goregaon are particularly popular. These localities offer 1-BHK apartments priced between ₹1 crore and ₹1.5 crore, attracting a significant number of homebuyers.

- Central Suburbs: Contributing 33% of December 2024's registrations, neighborhoods like Mulund, Bhandup, Vikhroli, and Ghatkopar are in high demand. Residential properties here are priced between ₹20,000 and ₹50,000 per sq ft, with rental values for 2-BHK apartments ranging from ₹35,000 to ₹70,000 per month.

Emergence of Thane and Navi Mumbai

Beyond Mumbai's city limits, Thane and Navi Mumbai have emerged as prominent real estate destinations within the Mumbai Metropolitan Region (MMR).

- Thane: Recognized as a premium location, property prices in Thane range from ₹15,000 to ₹25,000 per sq ft. Compact 2-BHK apartments are available for under ₹1 crore, making Thane an attractive option for first-time buyers seeking affordability without compromising on amenities.

- Navi Mumbai: The development of infrastructure projects like the Navi Mumbai International Airport and the Atal Setu Bridge has spurred real estate growth in this region. Areas such as Ulwe and Panvel have seen property prices ranging between ₹10,000 and ₹20,000 per sq ft, with rental values for 2-BHK apartments between ₹20,000 and ₹50,000 per month.

Rise in Luxury Housing Segment

The premium housing segment has experienced notable growth, with its share increasing to 23% in December 2024 from 18% in December 2023. This trend indicates a shift in buyer preferences towards lifestyle-driven investments, with a growing demand for apartments priced at ₹2 crore and above.

Factors Driving the Market Growth

Several factors have contributed to the robust performance of Mumbai's real estate market in 2024:

- Infrastructure Development: Ongoing and completed infrastructure projects have enhanced connectivity and accessibility, making various regions more attractive to buyers.

- Economic Recovery: Post-pandemic economic recovery has bolstered consumer confidence, leading to increased investments in real estate.

- Government Policies: Supportive government policies and incentives have played a role in stimulating the real estate sector.

Outlook for 2025

Industry experts remain optimistic about the continued growth of Mumbai's real estate market in 2025. The sustained demand for premium homes, coupled with infrastructure developments, is expected to drive the market further. Developers are aligning their strategies to meet evolving buyer preferences, indicating a positive trajectory for the sector in the coming year.

Conclusion

Mumbai's real estate market has showcased remarkable resilience and adaptability, achieving significant milestones in 2024. The record-high property registrations and revenue growth from stamp duty collections reflect the city's enduring appeal to homebuyers and investors alike. As we move into 2025, the market is poised to continue its upward trend, driven by sustained demand, infrastructure developments, and evolving buyer preferences.