Property registrations in Mumbai (area under BMC jurisdiction) saw 10,927 units registered in January 2024, contributing to a revenue of Rs 757 crore (Cr) for the state government according to the data available from the state’s Office of Registrations and Stamps.
As per a recent Knight Frank India report, of the total registered properties, 80% are residential units, and the remaining 20% are non-residential assets. In January 2024, Mumbai witnessed its highest number of property registrations occurring in any January month in 12 years. This substantial growth is attributed to rising income levels, a positive perception of homeownership, and sustained homebuyer confidence.
The Central and Western suburbs consistently hold the top spot as the preferred locations, making up over 75% of registered properties. These areas are popular for new developments, providing modern amenities and excellent connectivity. Notably, 86% of Western suburb residents and 85% of Central suburb residents choose to buy within their respective micro markets, driven by familiarity, product availability, and alignment with pricing and feature preferences.
Here is what real estate developers have to say on these robust numbers:
Mr. Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“The Mumbai housing market is doing extremely well with new record breaking home sale figures registered. This can be attributed to the fact that people have realized the importance of having a roof over their head. This surge in demand is also due to increase in income levels that have resulted in home buyers’ aspiration levels for an enhanced lifestyle, reaching an all time high. New developing infrastructure has improved connectivity and ease of travel which in turn has created a larger pool of housing options available to a home buyer.”
Mr. Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers Pvt. Ltd. (SDPL)
“The real estate market in Mumbai has been doing exceptionally well, given growing demand for housing and has seen some healthy home sale figures recently. We are seeing a definite preference by home seekers for suburban areas of the city. This is due to infrastructure upgrades and better connectivity which has resulted in improved ease of living for residents. We are also seeing a larger traction of compact and affordable homes; which have seen a rise in demand here. In addition, the suburbs offer homes that come with attractive pricing options that satisfy the aspirations across a wider spectrum of home buyers.”