The Mumbai real estate market showcased resilience in November 2024, with property registrations rising by 3% year-on-year (YoY) to 10,095 units, up from 9,736 units in November 2023. Stamp duty collections surged significantly, recording a 28% YoY growth to Rs.917 crore, reflecting a continued appetite for premium properties despite market fluctuations.
However, month-on-month (MoM) data revealed a cooling period following October’s festive-driven high. Property registrations dipped by 27% compared to October’s 12,960 units, while stamp duty collections fell by 31% from Rs.1,205 crore. Experts attribute this decline to market stabilization post-festive transactions and the impact of state elections .
High Demand for Premium Properties
Around 80% of November’s property registrations were for residential units, with a significant shift toward premium housing. Properties priced above Rs.2 crore constituted 23% of total registrations, rising from 17% the previous year. Simultaneously, registrations for properties below Rs.50 lakh dropped sharply from 28% to 20%, indicating a shift in buyer preferences toward luxury and long-term investments.
Dr. Mohit Ramsinghani, Chief Business and Strategy Officer of Suraj Estate Developers, stated, “This significant jump reflects renewed confidence in Mumbai’s property market and underscores its resilience. The ongoing festive quarter could outpace the preceding one, driven by strong buyer sentiment.” Knight Frank India’s Shishir Baijal highlighted, “The rise in high-value transactions reflects a decisive shift toward quality investments and more spacious living spaces”.
November Insights: What Buyers Want
Properties between 500 and 1,000 sq ft remained the most popular, representing 48% of all registrations. However, demand for larger spaces also grew, with apartments sized over 1,000 sq ft increasing their market share from 10% to 19% YoY. The stability of interest rates and infrastructure developments, such as metro and coastal road projects, continue to attract investments.
As 2024 progresses, Mumbai’s real estate market appears poised for sustained growth, underpinned by robust demand for premium housing and evolving buyer preferences.
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