Mumbai Real Estate Smashes Records for 10th Month in a Row, Over 11,917 Properties Registered in May
Mumbai’s real estate market continues to set records, with May being its best month yet due to strong sales and high demand, despite rising mortgage rates and property prices.
In May, Mumbai saw over 11,917 property registrations, a 21.3% increase from last year. These deals brought in ₹1,029 crore in stamp duty for Maharashtra, up 23.5% from May last year, according to data from the Inspector General of Registration and Controller of Stamps.
Residential apartments made up 80% of the transactions, while commercial properties accounted for the rest.
“India’s economic growth and positive outlook have boosted homebuyers’ confidence, leading to strong activity in the real estate market. Mumbai remains the top performer in sales, new developments, and price growth,” said Deepak Goradia, chairman and managing director of Dosti Realty.
Homebuyer confidence has helped property registrations exceed 10,000 each month for the first five months of 2024. The market has seen year-on-year growth in registrations for 10 straight months since August 2023.
“The continuous growth in property sales and registrations started with government incentives and has continued despite rising prices. This shows the market’s strength and buyer confidence in India’s economy,” said Shishir Baijal, chairman and MD of real estate consultancy Knight Frank India. “This trend is likely to continue with strong economic growth and favorable interest rates.”
Chintan Sheth, chairman and MD of Sheth Realty, also noted the positive market sentiment and expects numbers to keep rising in the coming months.
Properties between 500 sq ft and 1,000 sq ft accounted for 51% of registrations in May. Properties up to 500 sq ft made up 33%, while 15% were 1,000 sq ft or more, according to registration data.
Most buyers in Mumbai were millennials aged 28-43, making up 38% of the total.
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