According to Knight Frank India, while property registrations in the Mumbai real estate market have moderated, signs of stabilisation are emerging. The market saw a 4% Year-on-Year (YoY) decline in registrations, with 11,541 properties registered in February 2025, compared to 12,056 in the same period last year, based on data from the Maharashtra Inspector General of Registration (IGR).
Nevertheless, stamp duty collections remained steady in February 2025, reaching Rs. 896 crore, which is almost identical to the Rs. 885 crore collected in February 2024. On a month-on-month comparison, January 2025 saw 12,249 properties registered, with stamp duty collections totalling Rs. 994 crore.
Mumbai’s residential market has experienced significant shifts in micro-market preferences. The central suburbs saw the largest increase in market share, rising from 29% in January 2024 to 33% in January 2025. Central Mumbai and South Mumbai also saw growth, with their market shares increasing to 11%.
Prashant Sharma, President, NAREDCO Maharashtra, opined, “The Mumbai real estate market is entering a phase of stability, which is a positive sign for long-term growth. The consistency in stamp duty collections highlights the market’s resilience and enduring strength. As developers, we are confident in the continued potential of Mumbai’s real estate sector, especially with the rising demand for high-end residential properties and a clear shift toward more spacious homes.”
During the previous month, Mumbai city, under the Brihanmumbai Municipal Corporation (BMC) jurisdiction had registered its highest January property registrations in 13 years, reflecting the city’s sustained real estate momentum. According to Knight Frank India, approximately 11,773 properties were registered in January 2025 in Mumbai, marking a 7% year-on-year (Y-o-Y) growth.
These transactions generated over Rs. 952 crore in stamp duty collections, witnessing a significant 25% Y-o-Y growth, driven by a notable increase in high-value transactions. However, on a month-on-month (M-o-M) basis, property registrations saw a slight decline of 5%, while revenue collections dipped by 16% compared to December 2024.
The report also highlights a growing preference for premium real estate. The share of registrations for properties priced at Rs. 2 crore and above increased from 16% in January 2024 to 19% in January 2025. This segment accounted for 2,298 transactions in January 2025, demonstrating strong demand for luxury housing. Conversely, the share of registrations for properties valued under Rs. 50 lakh declined from 31% to 28% during the same period, indicating a shift in buyer preferences towards higher-value properties.
Mumbai’s western and central suburbs retained their dominance, collectively contributing to 86% of the city’s total property registrations. However, there was a noticeable increase in market share for central suburbs, which rose from 29% to 33%, while the share of the western suburbs declined from 57% to 53%. “This growth reflects a surge in supply and heightened end-user interest in these locations,” the Knight Frank India report had stated.
