Thursday, November 7, 2024

Mumbai Property Registrations See 8% YoY Growth in August 2024; Stamp Duty Collections Jump by 32%

Mumbai’s real estate market showcased its strength in August 2024, recording an 8% year-on-year rise in property registrations. The number of registrations increased to 11,735, up from 10,902 in August 2023, according to data from the Inspector General of Registration and Controller of Stamps, Maharashtra. Despite a seasonal dip due to the monsoon, which caused a 5% drop from July 2024’s 12,373 registrations, the market’s overall performance remained robust.

Stamp duty collections in Mumbai also saw a significant increase, surging by over 32% to ₹1,072 crore in August 2024 compared to ₹810 crore in the same period last year. In July 2024, collections stood at ₹1,064 crore. Residential units made up approximately 80% of the total property registrations in August 2024, as per Knight Frank India.

Industry Experts Weigh In:

  • Prashant Sharma, President, NAREDCO Maharashtra

Mr. Prashant Sharma - President, NAREDCO Maharashtra (1)
“The steady rise in property registrations, as seen in the 8% year-on-year growth in August 2024, highlights the resilience of Mumbai’s real estate market. This growth reflects strong buyer confidence and the positive impact of recent policy initiatives. The concurrent rise in stamp duty collections signals ongoing momentum in the market, and it’s crucial to maintain a supportive environment to continue driving economic progress in Maharashtra.”

  • Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty, Vice President, CREDAI-MCHI

Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI (1)
“The significant rise in property registrations and stamp duty collections in August 2024 underscores strong market demand and growing consumer confidence. There is a notable preference for larger, more spacious residential properties, particularly in central suburbs, which demonstrates the market’s resilience. Our focus remains on addressing key challenges to sustain this growth and ensure ongoing investor confidence.”

  • Vedanshu Kedia, Director, Prescon Group

Mr. Vedanshu Kedia - Director, Prescon Group (1)
“The substantial increase in home sales reflects the strong demand for home ownership, driven by economic growth, improved infrastructure, and a preference for luxury living. The demand for larger homes and upscale amenities has particularly boosted the luxury segment, contributing to this positive trend.”

  • Rajeev Ranjan, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt Ltd

Mr. Rajeev Ranjan, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt Ltd (1)
“Despite a slight dip due to the monsoon, the continued increase in property registrations points to the strength of Mumbai’s real estate market. The rise in stamp duty collections reflects higher transaction values, especially for larger apartments. We expect sustained interest in emerging areas, which indicates a dynamic and healthy market moving forward.”

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