The government's income from the sale of property in Mumbai during the year 2024 has created a new record. According to a report by Knight Frank India, there has been a continuous increase in registrations and revenue here. If reports are to be believed, people here are demanding premium and bigger houses. This is the reason why there have been more registrations of big and premium properties.
In December 2024, Mumbai has seen 12,145 property registrations. Which shows an increase of 23% month-on-month. Registrations remained strong for the full year (January to December 2024), leading to 11% year-on-year growth in property registrations and the fastest 12% revenue growth in a decade.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said that Mumbai's property market continues to demonstrate its resilience and adaptability. According to the report, the share of residential property in total registrations in December was 80 percent.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said that the continuous growth in registrations and revenue reflects strong demand. People are especially in demand for premium and spacious houses. He said the data also points out Mumbai's real estate market as a hotbed of economic activity and an attractive long-term investment.
He said that apart from this, there has been a decline in the registration of properties worth less than Rs 50 lakh. This figure has come down from 30% to 25%. People are preferring only expensive and premium properties. This is the reason why there has been a decline in other properties.
According to the report of Knight Frank India, there has been a slight increase in property registrations in the Mumbai city municipal area in the month of December mainly due to better housing demand. 12,415 registrations have been made here. There were 12,415 property registrations in Mumbai city in December, whereas the figure a year ago was 12,285. In which a slight increase has been seen.
