Mumbai (Maharashtra) [India], September 30 : Registration of property sales in Mumbai city surged past 100,000 landmark in September 2024, which is recorded to be the fastest in a decade, as per a report by Knight Frank India, a real estate consultancy firm.
In 2023, this mark was achieved in October.
As per the real estate consultancy firm, Mumbai city (area under BMC jurisdiction), recorded about 105,664 property registrations in the first nine months of 2024, contributing more than Rs 8,892 crore to the state exchequer.
Property registrations observed a 12 per cent year-on-year growth while revenue grew by 6 per cent year-on-year during the same period, Knight Frank India said.
This sustained momentum in property transactions stems from the rising economic prosperity and growing preference for homeownership among Mumbai's residents.
"Mumbai's residential market has sustained strong momentum in 2024, with September marking a key milestone as the city surpassed 100,000 property registrations--the fastest pace in a decade," said Shishir Baijal, Chairman and Managing Director, of Knight Frank India.
"It is also witnessed that transactions in properties priced at INR 2 crore and above grew by 9 per cent YoY. Steady homebuyer confidence, driven by a positive economic outlook and stable interest rates, led to robust sales throughout the first nine months of the year," said Baijal.
Demand for high-valued properties saw a significant increase, with properties priced at Rs 2 crore and above making up 23 per cent of registrations in September 2024, up from 18 per cent the previous year.
Transactions in this segment totaled 2,108 properties.
Meanwhile, Knight Frank India said that the share of properties valued at less than Rs 50 lakhs dropped sharply, falling from 28 per cent in September 2023 to 17 per cent in September 2024.
Knight Frank India is headquartered in Mumbai and has more than 1,700 experts across Bangalore, Delhi, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad.