Property registrations in Mumbai City (under BMC jurisdiction) exceeded 12,142 transactions in April 2025, generating over Rs 990 crore in revenue for the state. While property registrations are set to rise by 4% year-on-year (YoY), stamp duty collections may see a slight 6% dip during the same period. The market continues to be driven by residential demand, with 80% of all registrations in April attributed to residential properties, underscoring sustained end-user interest in the housing segment, according to the Knight Frank report.
Between April 2024 and April 2025, Mumbai's property sale registrations showed notable fluctuations, with volumes peaking at 15,501 units in March 2025, a 28% month-on-month (MoM) and 9.6% year-on-year (YoY) increase, before dropping to 12,142 in April 2025, down 22% MoM but up 4% YoY. Revenue collections followed a similar pattern, reaching a high of Rs 1,589 crore in March 2025, reflecting a 70% MoM and 42% YoY jump, but falling sharply by 38% MoM to Rs 990 crore in April 2025, which also marked a 6% YoY decline. Throughout the year, significant growth was observed in October 2024 (registrations up 42% MoM and 22% YoY, revenue up 37% MoM and 44% YoY), while the lowest point occurred in September 2024, with both registrations and revenue seeing steep drops of 22% and 17% MoM respectively, and YoY declines of 15% and 22%.
Over the past 13 years, April 2025 marked the highest property sales registrations in Mumbai with 12,142 units, reflecting a 4% year-on-year (YoY) increase, although revenue declined by 6% YoY to Rs 990 crore. This followed April 2024, which recorded 11,648 registrations (up 11% YoY) and Rs 1,058 crore in revenue (up 18%). April 2023 had 10,514 registrations (down 10% YoY) and Rs 900 crore in revenue (up 22%), while April 2022 saw 11,743 registrations (up 16%) and Rs 738 crore in revenue (up 43%). The pandemic-impacted April 2020 had no available data, but notable growth began in April 2021 with 10,136 registrations and Rs 514 crore in revenue. Earlier years showed more modest performance, such as April 2018 with 7,016 registrations and Rs 503 crore revenue (36% growth), and April 2015 with 6,409 registrations (up 27%) and Rs 400 crore revenue (up 38%). The lowest point was April 2014, with just 5,053 registrations (down 21%) and Rs 289 crore revenue (down 20%).
Shishir Baijal, Chairman & Managing Director, Knight Frank India, stated, “Property registrations in April 2025 have touched a 13-year high for the month, with over 12,142 units recorded. This performance, backed by a 4% YoY growth, also highlights the growing preference for premium homes. Properties priced above Rs 2 cr now account for 25% of total registrations, up from 22% a year ago. With the RBI reducing the policy repo rate by a cumulative 50 basis points, timely bank transmission will enhance affordability and strengthen homebuyer sentiment. As infrastructure upgrades reshape the city and aspirations evolve, supportive financial conditions will be key to sustaining market momentum.”
In April 2025, the distribution of property transactions in Mumbai by ticket size remained largely consistent with the previous year, though with slight shifts toward higher-value categories. Properties priced below Rs 50 lakhs maintained a stable share at 14%, while the 50 lakhs to Rs 1 crore segment saw a marginal dip from 30% to 29%. The Rs 1 to Rs 2 crore category declined slightly from 34% to 32%. In contrast, transactions in the Rs 2 to Rs 5 crore range increased from 17% to 19%, and those above Rs 5 crore rose from 5% to 6%, indicating a growing demand for higher-end properties.
In April 2025, Mumbai’s property market saw notable shifts across ticket size categories compared to April 2024. Transactions in the "less than Rs 50 lakh" segment grew 8% year-on-year (YoY), rising from 1,622 to 1,750 deals. The "Rs 50 lakh to Rs 1 crore" bracket remained almost flat with 3,542 transactions, showing negligible change from 3,541 the previous year. The "Rs 1 to Rs 2 crore" category witnessed a 3% decline, dropping from 3,947 to 3,840. In contrast, higher-value segments saw strong growth: the "Rs 2 to Rs 5 crore" category rose by 19%, from 1,952 to 2,319 transactions, while the "Rs 5 crore and above" segment increased by 18%, from 586 to 691 deals, highlighting a rising preference for premium properties.
March 2025 also saw a notable shift in buyer preferences. The share of registrations for properties priced at Rs 2 crore and above increased from 22% in April 2024 to 25% in April 2025, totalling 3,010 transactions. Meanwhile, the share of registrations for properties priced below Rs 50 lakh remained flat at 14%.
Apartments up to 1,000 sq ft continued to lead in registrations, but larger homes were gaining traction. Units ranging from 1,000 to 2,000 sq ft maintained a steady share of 14%, while those exceeding 2,000 sq ft held firm at 3%, underscoring a sustained preference for larger living spaces.
The area-wise breakup of apartment sales in Mumbai for April 2025 remained largely consistent with the previous year. Units up to 500 sq ft continued to dominate the market with a 38% share, unchanged from April 2024, reflecting sustained demand for compact homes. Apartments between 500 and 1,000 sq ft held the largest share at 45%, slightly down from 46% a year earlier. Mid-sized apartments in the 1,000 to 2,000 sq ft range maintained a steady 14% share, while larger units over 2,000 sq ft also remained unchanged at 3%, indicating a stable market distribution across size categories.
The Western and Central Suburbs remained the dominant real estate hubs, accounting for 85% of the market share. However, Central and South Mumbai witnessed an uptick in the share of property registrations by 1%. This shift reflects both rising supply and increased buyer interest in emerging locations.
In April 2025, the micro-market-wise distribution of apartment sales in Mumbai showed only slight shifts compared to April 2024. The Western Suburbs continued to dominate, though its share dipped slightly from 57% to 56%. The Central Suburbs followed, accounting for 29% of sales, down from 30% the previous year. Meanwhile, South Mumbai saw a marginal increase in its share from 7% to 8%, and Central Mumbai also gained a point, rising from 6% to 7%, indicating a gradual increase in interest in prime city areas.
Prashant Sharma, President, NAREDCO Maharashtra said, "The consistent growth in Mumbai’s property registrations reflects the resilience and evolving maturity of the city’s real estate market. April 2025 has set a new benchmark with the highest registration numbers for the month in the last 13 years. This performance is a testament to sustained end-user demand, proactive government reforms, and improving home loan affordability. The steady demand across both affordable and premium segments also indicates the market’s broad-based strength. As infrastructure enhancements continue and interest rates remain favorable, we expect this upward momentum to persist."
