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Strong housing demand in Mumbai led to an 11% increase in property registrations, reaching 141,202 units in 2024, the highest in 13 years
Residential properties dominated property registrations in December, comprising 80 per cent of the total. (Representative/Shutterstock)
Mumbai is India’s most expensive metropolis, as living and settling here come at a high cost. The average individual finds their income significantly depleted by merely paying rent for a flat or room, making living in Mumbai costly for working individuals.
Nevertheless, the allure of owning property in this metropolis remains strong. Driven by robust housing demand, property registrations in the Mumbai Municipal Area rose by 11 per cent to 141,202 units during 2024, marking the highest level in 13 years.
According to a report by real estate consultant Knight Frank India, which cited government data, 12,418 properties were registered in Mumbai, under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC), in December. This generated Rs 1,134 crore in revenue for the government. In December 2023, 12,285 properties were registered.
Most Houses Sold in a Decade
Residential properties dominated property registrations in December, comprising 80 per cent of the total. A statement reveals that total property registrations are projected to reach 1,41,202 in 2024, generating an anticipated revenue of Rs 12,141 crore. Both figures represent a 13-year high.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said, “Property registrations rose by 11 per cent year-on-year between January and December 2024, generating a revenue increase of 12 per cent – the highest in a decade. This trend underscores the significance home buyers place on quality and value.”
Akhil Saraf, Founder and Chief Executive Officer (CEO) of property-technology firm Reloy, said that strong demand for residential properties is being seen across all sectors.
On the other hand, over 2.8 million new vehicles were registered in Maharashtra in 2024, representing a 12.32 per cent increase from the 2.563 million registrations recorded the previous year.
In 2024, a total of 2.879 million vehicles were registered, comprising 2.05 million two-wheelers and approximately 450,000 cars. This figure surpasses the total of 2.563 million vehicles registered in 2023 by 12.32 per cent.
