Mumbai’s Property Sales Hit Record High in 2024
Fastest Growth in a Decade
In September 2024, Mumbai city achieved a significant milestone by surpassing 100,000 property registrations, marking the fastest growth in a decade. This was reported by Knight Frank India, a real estate consultancy firm.
Key Statistics
According to Knight Frank India, Mumbai recorded about 105,664 property registrations in the first nine months of 2024, contributing more than Rs 8,892 crore to the state exchequer. This represents a 12% year-on-year growth in property registrations and a 6% year-on-year increase in revenue.
Reasons for Growth
The sustained momentum in property transactions is attributed to rising economic prosperity and a growing preference for homeownership among Mumbai’s residents. Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated, “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.”
High-Value Properties in Demand
Properties priced at INR 2 crore and above saw a 9% year-on-year growth, making up 23% of registrations in September 2024, up from 18% the previous year. Transactions in this segment totaled 2,108 properties.
Decline in Lower-Valued Properties
Conversely, the share of properties valued at less than Rs 50 lakhs dropped sharply, falling from 28% in September 2023 to 17% in September 2024.
About Knight Frank India
Knight Frank India is headquartered in Mumbai and has more than 1,700 experts across Bangalore, Delhi, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad.
Doubts Revealed
Property Sales -: Property sales refer to the buying and selling of houses, apartments, or land. When people buy a new home or sell their old one, it is counted as a property sale.
Record High -: Record high means the highest level ever reached. In this context, it means that more properties were sold in Mumbai in 2024 than in any other year before.
Decade -: A decade is a period of 10 years. So, when we say ‘fastest in a decade,’ it means the highest number of property sales in the last 10 years.
Knight Frank India -: Knight Frank India is a company that provides real estate services. They help people buy, sell, and manage properties and also provide reports on property markets.
Registrations -: Registrations refer to the official recording of property sales with the government. When someone buys a property, they need to register it to make the sale legal and official.
Rs 8,892 crore -: Rs 8,892 crore is a large amount of money. One crore is equal to 10 million rupees, so Rs 8,892 crore is 88.92 billion rupees.
Economic Prosperity -: Economic prosperity means that people are doing well financially. They have more money to spend, which can lead to more people buying homes.
Homeownership -: Homeownership means owning a home instead of renting it. People prefer homeownership because it gives them a permanent place to live and can be a good investment.
High-value properties -: High-value properties are expensive homes or land. These are usually bigger or located in very good areas, making them cost more.
Lower-valued properties -: Lower-valued properties are less expensive homes or land. These might be smaller or located in less popular areas, making them cost less.