Mumbai real estate shatters 13-year record with ₹12,141 cr revenue in 2024: Knight Frank Report

Mumbai's real estate market demonstrated remarkable resilience in 2024, with property registrations in the municipal area surging by 11% to reach 141,202 units - the highest level in 13 years, according to Knight Frank India.

The total revenue generated from property registrations in 2024 is estimated at ₹12,141 crore, marking the fastest revenue growth in a decade at 12%. December alone saw 12,418 property registrations, generating ₹1,134 crore in revenue for the state government. Residential properties dominated the market, accounting for 80% of total registrations for the month, slightly up from December 2023's 12,285 registrations.

Industry experts attribute this growth to strong demand across all segments, with reputed developers commanding premiums for well-located projects. The ongoing infrastructure development in the Mumbai Metropolitan Region is expected to sustain this momentum by opening up new areas for residential development.