Property registrations in Mumbai continued their upward climb in November, signalling sustained strength in the city’s housing market. Data from the area under the Brihanmumbai Municipal Corporation (BMC) shows that 12,219 properties were registered during the month, marking a sharp 20 percent rise compared to the same period last year. Stamp duty collections touched Rs. 1,038 crore, reflecting a 12 percent year-on-year increase in revenue for the state government.
On a month-on-month basis, registrations rose by 5 percent, while stamp duty collections remained broadly stable. The market momentum continues to be anchored by residential demand, which accounted for a dominant 80 percent of all property registrations in November.
For the January–November 2025 period, Mumbai recorded more than 135,807 property registrations, contributing over INR 12,224 crore to the state exchequer. During these eleven months, registrations grew by 5 percent year-on-year, while revenue jumped by a stronger 11 percent, underlining a clear trend of higher-value transactions. Industry experts say this divergence between volume growth and revenue growth points to a gradual shift toward mid-to-premium and luxury housing.
According to Knight Frank India, the city’s housing market is now operating at a structurally higher baseline than in previous cycles. Commenting on the November numbers, Shishir Baijal, Chairman and Managing Director of Knight Frank India, said the residential market has carried its steady momentum into the second half of the year. He noted that November 2025 marked Mumbai’s best November performance since 2013 in terms of registrations.
Baijal added that the 12 percent rise in revenue was backed by firm demand across segments and a visible tilt toward higher-value homes. With registrations crossing 135,000 units in the first eleven months of the year and monthly activity remaining consistently healthy, the market appears to be in a mature expansion phase rather than a short-lived post-pandemic surge.
Price segmentation data for November reflects this shift clearly. Homes priced above INR 5 crore accounted for 7 percent of total registrations, up from 5 percent a year earlier. This growth at the top end points to resilient demand from high-net-worth buyers and investors, especially in well-connected suburban micro-markets and select South Mumbai pockets.
In contrast, the share of homes priced below INR 1 crore declined during the month, underscoring the affordability pressure faced by first-time buyers amid elevated interest rates and rising construction costs. The INR 2–5 crore segment remained largely stable, while the INR 1–2 crore bracket saw an increase in its share from 31 percent in November 2024 to 33 percent this year. Analysts say this middle segment continues to benefit from salaried end-user demand and upgrader purchases.
Unit size preferences further reinforce the dominance of compact homes in Mumbai’s market. Properties up to 1,000 sq ft accounted for 84 percent of total registrations in November, broadly in line with last year. The most preferred category remained the 500–1,000 sq ft segment, which offers a workable trade-off between space, price, and location for end-users.
Larger homes continue to attract a niche but steady buyer base. Apartments sized between 1,000 and 2,000 sq ft improved their share marginally to 13 percent, while homes above 2,000 sq ft rose to 4 percent of total registrations. This gradual uptick in larger units mirrors the strengthening demand at the premium end of the market.
Geographically, the suburban markets continued to dominate housing transactions. The Western and Central Suburbs together accounted for 85 percent of total registrations in November 2025. The Western Suburbs led with a commanding 56 percent share, driven by strong sales activity in locations such as Borivali, Malad, Goregaon, and Andheri. The Central Suburbs followed with a 29 percent share, supported by steady absorption in areas like Powai, Ghatkopar, Mulund, and Kanjurmarg.
South Mumbai, traditionally the city’s high-value market, held steady at 9 percent of total registrations, while Central Mumbai saw its share slip to 6 percent. Market watchers attribute this pattern to the combination of better inventory availability, faster project execution, and relatively wider price options in the suburban belt compared to the tightly held and slower-moving heart of the city.
Developers and consultants say the consistency in registration volumes and revenue suggests that Mumbai’s housing market is no longer moving in sharp cycles of boom and slowdown, but is entering a phase of steadier, end-user-led growth. With infrastructure upgrades such as the metro expansion, coastal road, and key road linkages gradually improving connectivity across the city, buyer confidence remains intact despite global economic uncertainty.
As 2025 draws to a close, Mumbai’s residential market appears well-positioned to sustain its momentum, with suburban demand, premium housing traction, and stable transaction activity shaping the next phase of growth.
