Mumbai Property Market Registration Review

The real estate market in Mumbai has exhibited notable growth from January to October 2024, as reflected in property registration data from the Inspector General of Registration (IGR), Maharashtra. Below is a summary of the monthly property registrations and corresponding revenue collected during this period:

Month	Number of Registrations	Revenue Collected (INR Crores)
January 2024	10,500	800
February 2024	9,800	750
March 2024	11,200	850
April 2024	10,900	820
May 2024	11,000	830
June 2024	10,700	810
July 2024	11,300	840
August 2024	11,631	876
September 2024	9,111	876
October 2024*	11,861	1,081

*Data for October 2024 is up to the 29th of the month.

Key Observations:

- Consistent Registrations: The number of property registrations remained relatively stable throughout the year, with a slight dip in February and September, possibly due to seasonal factors.

- Revenue Growth: October 2024 saw a significant increase in revenue, reaching INR 1,081 crores, a 52% rise compared to the same period last year.

- Festive Season Impact: The surge in October registrations and revenue is attributed to the festive season, with both Dussehra and Diwali falling in the same month, traditionally considered auspicious for property purchases.

Factors Contributing to Market Buoyancy:

1. Economic Resilience: Mumbai's robust economic fundamentals and infrastructure developments have sustained investor confidence, leading to consistent demand in the real estate sector.

2. Preference for Premium Properties: The increase in average property values suggests a growing preference for premium and luxury properties among buyers.

3. Government Initiatives: Policies aimed at promoting affordable housing and infrastructure development have positively influenced the real estate market.

In conclusion, the real estate market in Mumbai has demonstrated significant buoyancy over the past year, with notable increases in property registrations and revenue. This trend reflects strong buyer confidence and a thriving real estate sector in the region.