_pages-to-jpg-0001.jpg)
Mumbai’s property market delivered its best-ever September performance this year, defying the traditional slowdown during the inauspicious Shraddh period. According to Knight Frank India, property registrations in the Mumbai municipal region surged 32% year-on-year to 12,070 units, while stamp duty collections rose 47% to Rs. 1,292 crore.
The unusual upswing was largely linked to the shifting festive calendar. Unlike last year, when the Shraddh fortnight stretched into October and delayed home buying, in 2025 it ended earlier (September 7–21). This was immediately followed by Navratri (September 22–October 2), creating a window of strong buyer activity. The overlap helped sustain momentum and translate into a record-breaking September for the city’s real estate market.
Residential demand remained the key driver, with housing units accounting for nearly 80% of all registrations. On a month-on-month basis, registrations climbed 7%, while revenue collections from stamp duty increased by a sharper 29%, underlining sustained confidence among buyers despite affordability concerns at the lower end of the market.
Industry leaders believe the numbers highlight the maturity of Mumbai’s real estate market. Prashant Sharma, President of NAREDCO Maharashtra, explained that the over 12,000 registrations point to deep confidence among homebuyers. He said the city’s market has not only shown resilience but also responded positively to the early onset of festivities, which acted as a timely boost.
Market experts also note that end-users, rather than speculative investors, continue to drive growth. Kaushal Agarwal, Chairman of The Guardians Real Estate Advisory, pointed out that the 32% annual surge reflects the strength of genuine buyer demand. He emphasised that a stable interest rate environment, coupled with steady supply from developers, has created conditions for the momentum to last through the coming quarter.
Developers echo this sentiment, observing that demand is spread across price categories. According to Shraddha Kedia-Agarwal, Director at Transcon Developers, the upbeat numbers show a broad-based revival of buyer enthusiasm. She highlighted that the festive season has revived optimism and is encouraging developers to design homes that match evolving lifestyle aspirations, a trend that bodes well not only for the sector but for the wider economy as well.
For many, real estate continues to be a preferred investment avenue despite competing asset classes. Dhruman Shah, Promoter of Ariha Group, noted that the strong growth in registrations demonstrates how housing remains a trusted and rewarding asset. He added that with festive demand gathering pace, confidence among both developers and buyers is set to strengthen further, laying the foundation for a sustainable market outlook.
With the festive season rolling into October and Diwali around the corner, Mumbai’s property market looks poised to build on its record September. If the current momentum holds, 2025 may go down as a landmark year for the city’s housing sector.
