The country’s financial capital Mumbai (area under Brihanmumbai Municipal Corporation) witnessed a 5% increase in property registrations in November 2024, with 10,216 units registered, compared to 9,736 units during the same month last year, as per data from Knight Frank India. This growth reflects sustained demand in the housing market despite a month-on-month decline from October’s robust performance, when 12,960 units were registered. Stamp duty collections saw a significant 30% rise in November 2024 compared to November 2023, indicating a preference for higher-value properties.
According to Knight Frank India, the dip in the number of properties registered in November compared to October may reflect a market pause following October’s robust performance further catalysed by elections in the state.
Demand for higher-valued properties saw a significant increase, with properties priced at ₹2 crore and above making up 23% of registrations in November 2024, up from 17% the previous year. Transactions in this segment totalled to 2,147 properties. Meanwhile, the share of properties valued at less than ₹50 lakh dropped sharply, falling from 28% in November 2023 to 20% in November 2024, Knight Frank India said in its analysis.
Here is what real estate industry leaders have to say on the registrations numbers in November 2024:
Mr. Prashant Sharma, President, NAREDCO Maharashtra
“The 5% year-on-year growth in property registrations and the sharp rise in stamp duty collections reflect the resilience of Mumbai’s real estate market. The increase in demand for properties priced at ₹2 crore and above showcases the strengthening of the premium segment, driven by evolving buyer preferences and rising aspirations. This trend reinforces the importance of creating a conducive environment for real estate investments, especially in high-value housing, through supportive policies and infrastructure development.”
Mr. Anil Mutha, Chief Visionary & Co-Founder, Nandivardhan Group
“The November registration data points to a clear shift in buyer sentiment towards higher-value homes, a trend that aligns with the evolving demographics of Mumbai’s urban populace. The surge in demand for properties priced at ₹2 crore and above indicates a growing preference for high-quality, well-located homes among affluent buyers, aligning with Mumbai’s status as a global financial hub. We have observed a similar shift in our projects, with discerning buyers seeking premium offerings that promise value, lifestyle enhancement, and long-term appreciation. As a stakeholder in Mumbai’s real estate landscape, we remain committed to addressing these dynamic market demands and contributing to the city’s robust housing ecosystem through thoughtful, future-ready developments.”
Mr. Rohan Khatau, Director, CCI Projects
“The shift in registrations towards properties priced at ₹2 crore and above indicates a robust appetite for quality housing among homebuyers. This aligns with our vision of delivering projects that offer high value and cater to aspirational buyers. While the decline in affordable housing registrations is concerning, it highlights the need for continuous efforts to address affordability and expand housing access.”
Ms. Shraddha Kedia-Agarwal – Director, Transcon Developers
“The surge in demand for high-value properties illustrates the market’s growing confidence and aspirations. We are committed to delivering projects that align with these emerging trends, ensuring a blend of luxury and sustainability. This data also underscores the importance of maintaining momentum through strategic initiatives and customer-centric solutions.”
Mr. Samyak Jain – Director, Siddha Group
“The year-on-year growth in registrations and significant demand in the luxury segment are encouraging signs for Mumbai’s real estate market. We see this as a validation of our efforts to deliver high-quality homes that meet the aspirations of today’s buyers. The decline in the affordable segment, however, calls for renewed focus on addressing housing affordability in the city.”
Mr. Govind Krishnan Muthukumar, Managing Director & Co-founder of Tridhaatu Realty
“The data reflects the market’s inherent strength and adaptability. The rise in stamp duty collections despite a slight dip in registrations compared to October underscores the demand for higher-value transactions. As developers, we should aim to create projects that resonate with buyers’ needs while contributing to the city’s sustainable development.”
Mr. Vedanshu Kedia, Director, Prescon Group
“The robust demand in the premium housing segment signifies a maturity in the market where homebuyers prioritize value over price. We believe this trend is an opportunity to innovate and offer premium lifestyle solutions that cater to discerning buyers. The government’s initiatives to boost real estate growth and infrastructure are vital to sustaining this upward trajectory.”
Mr. Abhishek Jain – COO, Satellite Developers Private Limited (SDPL)
“The real estate market in Mumbai continues to evolve with an increasing tilt toward premium properties. This indicates a positive sentiment among buyers, particularly in the post-pandemic era, as they seek homes that meet their enhanced lifestyle needs. We will remain focused on meeting this demand through projects that redefine quality and customer satisfaction.”