Mumbai real estate market: Property registrations up 10.3% YoY, Surpass 15,000 mark

Mumbai’s real estate market recorded over 15,603 property registrations in March, marking a 10.3% year-on-year (YoY) increase. Stamp duty collections surged by 45% YoY to ₹1,597 crore, reaching their highest-ever monthly levels, driven largely by a rise in high-value transactions, according to IGR data accessed by Knight Frank.

On a month-on-month (MoM) basis, property registrations rose by 29%, while stamp duty collections jumped 71%, making March 2025 the most active month in the past year. The surge reflects strong homebuyer sentiment, stable economic conditions, and large-scale infrastructure development. Residential properties dominated transactions, accounting for 80% of all registrations in March.

The impact of high-ticket transactions was evident in daily stamp duty collections, which increased from ₹35 crore in April 2024 to ₹52 crore in March 2025. Despite relatively stable registration volumes, the revenue uptick reaffirms the ongoing trend of a shift towards premium real estate. Daily property registrations also grew from 388 units in April 2024 to 503 units in March 2025, IGR data accessed by Knight Frank showed.

For the financial year of 2024 – 25 (April 2024 - March 2025) registrations have seen a rise of 9% YoY while stamp duty collection saw a rise of 22% in the same period. FY 2024- 25 recorded registrations of 143,948 properties as against 132,2723 for the corresponding period last year. The strong growth in the revenue from stamp duty in FY 2024 -25 further strengthens the argument that higher value properties in Mumbai have continued in sales momentum.

“Mumbai’s real estate market has once again demonstrated its resilience, closing the financial year (Apr’ 24 – Mar’ 25) with substantial stamp duty collections and consistent growth in high-value transactions. As the financial year concludes, property registrations have recorded a 9% year-on-year (YoY) increase, while stamp duty collections have surged by 22% YoY in FY 2024-25,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

A quarter-on-quarter comparison further underscores this momentum. In Q1 2025 (January–March), the number of properties registered rose by 22% compared to Q1 2024, with revenue from stamp duty collections increasing by 27% YoY over the same period. The robust demand for premium homes reflects sustained buyer confidence and economic stability, while the preference for larger apartments signals evolving homebuyer aspirations. The anticipated easing of interest rates in the coming months is likely to further bolster market sentiment, he said.

March 2025 also saw a notable shift in buyer preferences. The share of registrations for properties priced at ₹2 crore and above increased from 17% in March 2024 to 19% in March 2025, totalling 2,924 transactions. Meanwhile, registrations for properties priced below ₹50 lakh declined from 30% to 28%, underscoring a clear demand shift toward premium homes, it noted.

Properties up to 1,000 sq ft continue to lead in registrations

Apartments up to 1,000 sq ft continued to lead in registrations, but larger homes gained traction. Units between 1,000 and 2,000 sq ft saw their share increase from 8% to 13%, while those above 2,000 sq ft remained stable at 1%. In contrast, smaller units (up to 500 sq ft) saw registrations decline from 48% to 38%, reinforcing a growing preference for more spacious living.

Western Suburb and Central Suburb account to 86% of the total market share

The Western and Central Suburbs remained the dominant real estate hubs, accounting for 78% of the total market share. However, the Central Suburbs experienced the most significant growth, increasing their share from 29% to 34%, while the Western Suburbs saw decline from 55% to 44%. This shift reflects both rising supply and increased buyer interest in emerging locations, it added.