Mumbai Property Registrations See 5 Percent Growth in November 2024

Mumbai’s real estate market witnessed a 5% year-on-year (YoY) increase in property registrations in November 2024, reflecting a steady demand in the housing sector. According to data from the Inspector General of Registration and Controller of Stamps, a total of 10,200 properties were registered, up from 9,736 in November 2023. However, registrations dipped on a month-on-month (MoM) basis compared to October 2024, which recorded 12,960 registrations, attributed to the festive surge and state elections.

The central and western suburbs continued to dominate the market, accounting for 84% of total registrations. The central suburbs saw an increase in their share to 31%, up from 29% in the previous year, driven by growing end-user interest. Meanwhile, western suburbs maintained a significant 53% share despite a marginal decline from 57%. In contrast, South Mumbai’s share grew from 7% to 9%, buoyed by rising supply in premium residential projects.

A closer look at buyer preferences reveals a growing inclination towards larger homes. Apartments between 1,000 and 2,000 sq ft accounted for 14% of registrations, up from 8% last year, while smaller units below 500 sq ft fell sharply from 47% to 33%. This shift underscores evolving buyer aspirations for more spacious living and lifestyle upgrades, influenced by increasing disposable incomes and stable monetary policies.

From a sustainability perspective, the rising demand for larger homes raises concerns about the ecological footprint of urban expansion. Developers must integrate green technologies, energy-efficient designs, and eco-friendly materials to address these challenges. Additionally, urban policymakers must balance growth with sustainability, ensuring that infrastructural advancements and redevelopment initiatives contribute to a greener, more liveable Mumbai. This dual focus is critical to maintaining the city’s position as a robust and sustainable housing market.