Mumbai Records 12,366 Property Registrations in July 2024; Boosts State Revenue by Rs 1,064 Crore

In July 2024, Greater Mumbai, within the jurisdiction of the Brihanmumbai Municipal Corporation (BMC), saw 12,366 property registrations, generating over Rs 1,064 crore for the state treasury. Residential properties made up 80% of these registrations, underscoring a robust demand for housing in the city.

“This marks a substantial 19% year-on-year (YoY) increase in registrations and a 27% YoY rise in revenue compared to the same period in 2023,” said Knight Frank India. July 2024 not only recorded 12,366 property registrations, the highest for any July in over a decade, but it also contributed over Rs 1,064 crore to the state exchequer. The period from January to July 2024 has been the most successful seven-month span for Mumbai in recent years, with 84,653 property registrations—a 16% increase from the 72,713 registrations during the same period in 2023. This surge generated Rs 6,929 crore in revenue, marking a 7% rise from the Rs 6,452 crore collected last year.

In July 2024, there was a notable rise in the registration of apartments ranging from 500 sq ft to 1,000 sq ft, which constituted 49% of all property registrations. In contrast, apartments up to 500 sq ft represented 33% of the registrations, down from 38% in July 2023, reflecting a shift towards larger apartments. Additionally, the proportion of property registrations in the western suburbs decreased from 57% in July 2023 to 50% in July 2024.