Mumbai's property market continues to thrive, with 11,735 properties registered in August, resulting in a revenue of Rs 1,072 crore for the state government. This represents an 8 percent increase in property transactions compared to August of the previous year. Revenue from property transactions has surged by 32 percent, up from Rs 810 crore earned in August last year.
So far in 2024, Mumbai has seen the purchase of 96,601 properties, marking a 16 percent increase compared to the same period last year, when 83,615 properties were bought. The state government has accrued Rs 8,010 crore in revenue from property transactions over the past eight months.
In August, residential properties dominated the market, accounting for 80 percent of purchase transactions, with the remaining 20 percent attributed to commercial properties. This year has seen a notable trend towards purchasing homes between 500 and 1,000 square feet, which constituted 49 percent of residential transactions in August. Homes up to 500 square feet maintained a steady 33 percent of purchases. Additionally, the demand for larger luxury homes, including 2-BHK, 3-BHK, and bigger sizes, continued to be strong throughout the month.
Ganeshotsav: Festive Sales Anticipated to Rise
- June recorded the highest number of property purchases this year, with 12,373 properties bought. In contrast, August saw a slight dip in transaction volumes.
- Construction sector experts predict a significant boost in property sales in Mumbai during the upcoming Ganeshotsav and other festive seasons.