Mumbai Property Market Continues Sales Achieves Higher Targets

Mumbai Property Market Continues Sales Achieves Higher Targets

Mumbai Property Market Continues Sales Achieves Higher Targets

In February 2024, Mumbai's real estate market showed a robust performance with a notable increase in property registrations. IGR Maharashtra reported 11,742 registrations, marking a substantial 21% rise from February 2023 and a 7% increase from January 2024. This surge is the highest for any February in the past twelve years, indicating a strong demand for real estate in India's financial hub.

Factors driving this growth include escalating income levels and a positive attitude towards homeownership. Unlike the peak in February 2022, attributed to post-pandemic pent-up demand, the current upswing is primarily fueled by increased income and a favorable homeownership outlook, according to Knight Frank India's analysis.

Despite the significant surge in registrations, stamp duty collections revenue experienced a 22% year-on-year decline, dropping from Rs 1,112 crore in February 2023 to Rs 865 crore in February 2024. This decrease is linked to exceptionally high collections in February 2023, influenced by the government's decision to limit tax deductions on capital gains from residential property sales after March 31, 2023. However, on a month-to-month basis, stamp duty collections saw a positive increase of 14%.

Homebuyer confidence in the Mumbai market remains strong, with a positive sentiment expected to continue. The shift in apartment size preferences was notable in February 2024, with a rise in the share of smaller apartments (500 sq ft and below) to 45%, compared to 34% the previous year.

Preferred locations for property purchases are the Central and Western suburbs, collectively accounting for over 73% of total registered properties. These areas are favored for their modern amenities, good connectivity, and new launches. Western suburb consumers (86%) and Central suburb consumers (92%) tend to buy within their micro-markets due to familiarity with the location and the availability of properties aligning with their budget and preferences.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented on the positive market performance, stating that the Mumbai residential market has maintained exceptional strength in February. The sustained growth in property registrations reflects the market's resilience and allure, expected to continue with robust economic momentum and potential interest rate easing.

In summary, the Mumbai property market is currently thriving, driven by a surge in registrations, rising income levels, and a positive homeownership outlook. Despite a decline in stamp duty collections revenue under specific circumstances, the market displays resilience and growth potential, offering promising opportunities for investors, developers, and prospective homebuyers.
About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.


Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like,, which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.


  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on

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