2024 sees 11% rise in home sales in Mumbai worth Rs 1.6 lakh crore
Barring September – when sales dipped to 9,111 homes, generating Rs 876 crore in revenue – every other month saw sales crossing the 10,000 mark.
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The post-pandemic surge in home ownership aspirations has driven this growth, with the market registering consistent sales throughout the year.The year 2024 saw residential sales worth Rs 1.6 lakh crore registered in Mumbai. According to data from the Inspector General of Registration (IGR), 1,41,302 homes were sold during the year, generating Rs 12,161 crore in stamp duty revenue for the Maharashtra government. Compared to 2023, home sales increased by 11 per cent, while the revenue saw a 12 per cent rise.
December alone saw the sale of 12,193 homes, contributing Rs 1,116 crore in stamp duty. Except for September – when sales dipped to 9,111 homes, generating Rs 876 crore – every other month saw sales crossing the 10,000 mark. March recorded the highest sales, with 14,149 homes sold, yielding Rs 1,122 crore in stamp duty.
Property prices per square foot also saw a significant increase in five years. In 2024, the average property price was Rs 14,200 per sq ft, marking a rise of around 49 per cent from Rs 9,500 per sq ft in 2019.
Larger homes gained popularity in 2024, with apartments sized between 1,000 and 2,000 sq ft seeing their share of sales rise from 8 per cent to 12 per cent, compared to 2023. Homes above 2,000 sq ft maintained a steady demand of 2 per cent. Meanwhile, the demand for compact homes under 500 sq ft dropped significantly, with their share falling from 51 per cent to 35 per cent.
Suburban areas dominated the housing market, contributing to 86 per cent of total sales, while Mumbai city sales remained stagnant at 7 per cent due to unaffordable property prices in high-end localities.
The post-pandemic surge in home ownership aspirations has driven this growth, with the market registering consistent sales throughout the year. Tanuj Shori, founder and CEO of Square Yards, said, “The Indian residential real estate market has entered a promising upcycle post-pandemic, bolstered by pent-up demand and a stronger sentiment for homeownership. Over the past two to three years, the sector experienced exceptional growth, which has naturally moderated in 2024.”
Rising property values and strong demand for larger homes indicate a continued upward trajectory for Mumbai’s housing sector, solidifying its position as a resilient real estate market. “In 2025, we foresee residential demand and supply growing in close ranges, setting the stage for steady, sustainable progress,” added Shori.
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