Mumbai’s real estate market saw a notable 5% increase in property registrations in November 2024, according to a report by real estate consultant Knight Frank India. The city recorded 10,216 property registrations under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC), compared to 9,736 units registered in the same month last year. This rise in registrations reflects a continued strong housing demand across Mumbai.
Despite the increase, the number of registrations saw a slight dip compared to October 2024, when 12,960 units were registered. The decline in registrations from October to November is typical, as the festive season often drives a temporary surge in property transactions. Knight Frank India’s Chairman and Managing Director, Shishir Baijal, stated that this sequential dip indicates a natural phase of market consolidation following the festive-driven surge in October. The shift towards premium properties and larger living spaces has been a notable trend, highlighting a change in buyer preferences in Mumbai. As the city’s real estate market matures, there is an increasing demand for high-quality properties, with buyers opting for larger homes that offer long-term value and investment potential. Baijal emphasized that the rise in demand for larger homes and premium properties underscores a key shift in the market. “This reflects a growing focus on quality and value, which aligns with long-term investment goals in Mumbai’s ever-dynamic real estate landscape,” he added.
November’s property registration data also signals a positive outlook for the city’s housing sector, as buyers continue to invest in residential real estate. The trend towards premium properties suggests that Mumbai’s real estate market is not only resilient but also adapting to evolving buyer preferences, which could drive future growth. As the year progresses, it is expected that Mumbai’s property market will continue to see sustained demand, driven by both local and international investors looking for long-term investment opportunities in the city’s expanding urban landscape.
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