Mumbai Property Registrations Drop 19% in September 2024; Stamp Duty Collections Plummet by 21% Amid Shraadh Period

Mumbai’s real estate market saw a significant dip in property registrations in September 2024, with a 19% year-on-year decrease, registering 9,167 properties compared to 10,694 during the same period last year. The drop is largely attributed to the inauspicious ‘Shraadh’ days, when individuals traditionally avoid large transactions, according to Knight Frank India. Additionally, stamp duty collections fell by 21% to ₹892 crore, compared to ₹1,127 crore in September 2023. Month-on-month, registrations also saw a 21% decline from August 2024’s total of 11,631. Despite this, Mumbai’s real estate market surpassed 1 lakh registrations in the first nine months of 2024, achieving the milestone faster than in any of the past 10 years. Notably, there was a shift towards larger apartments, with those over 1,000 sq ft accounting for 22% of registrations, up from 19% in 2023.

Source: Hindustan Times

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