Mumbai Property Registrations Surge by 22% in October 2024

Mumbai’s property market witnessed a robust surge in registrations in October 2024, with a 22% year-on-year increase to 12,960 units, driven by heightened demand during the festive season, as reported by Knight Frank India.

The data highlights the impact of the Dussehra and Diwali celebrations on the city’s real estate activity, particularly in the municipal region under Brihanmumbai Municipal Corporation (BMC)’s jurisdiction. This growth marks a significant rise from 10,607 units registered in October 2023.

Residential units dominated this upward trend, comprising 80% of the total registrations for the month, emphasizing a strong and steady demand for housing in Mumbai.

October 2024 noted a marked increase in demand for high-value properties, with transactions for properties priced above Rs 2 crore reaching 2,876 units. This high-end segment accounted for 22% of total registrations, up from 18% in October last year.

The trend showcases an upward shift in consumer preference for premium properties, reflective of Mumbai’s resilient real estate market. Conversely, the share of registrations for properties priced below Rs 50 lakh dropped significantly from 27% in October 2023 to 20% in October 2024, indicating a shift towards mid-to-high-end property investments.

Prashant Sharma, President, NAREDCO Maharashtra, said: “The remarkable increase in property registrations and revenue generation in Mumbai this October underscores the positive sentiment surrounding property investments during the festive period. The alignment of auspicious occasions like Navratri and Diwali in the same month has certainly catalyzed this growth, as buyers view this as an ideal time to make high-value investments. This trend reflects the growing confidence in Mumbai’s real estate market, supported by strong demand across segments and favorable state policies. NAREDCO Maharashtra is optimistic that this momentum will continue, contributing significantly to the state’s economic growth and further bolstering buyer confidence in Mumbai’s dynamic property market.”

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