Mumbai Experiences 4% Drop in Property Registrations: A Shift in the Real Estate Landscape
Mumbai city saw a YoY decline of 4% in monthly property sales registrations at 11,565 in May 2025, mainly due to a drop in registrations of properties priced between Rs 2 crore to Rs 5 crore. This is the first time the city has seen a YOY drop in registrations in the last eight months, according to data collated by Knight Frank.
However, registrations in the luxury segment, where property prices are priced Rs 5 crore and above, saw 24% growth in May 2025 on a yearly basis. The segment share in overall registrations also increased from 5% in May 2024 to 7% in May 2025.
The growth in registrations of properties priced between Rs 2 crore to Rs 5 crore came down by 14%, and its share in overall registrations decreased to 17% in May 2025 from 19% in May 2024. Despite the decline in overall property registrations, the May 2025 registrations contributed Rs 1,062 crore to the state’s revenue. While property registrations declined by 4% year-on-year (YoY) in May 2025, stamp duty collection witnessed a rise of 3% during the same period. The market continues to be driven by residential demand, with 80% of all registrations in the month attributed to residential properties, Knight Frank said.
Apartments up to 1,000 sq ft continued to dominate Mumbai’s residential registrations in May 2025, accounting for 83% of all transactions—unchanged from the previous year. Western Suburbs and Central Suburbs account for 87% of the total market share. These remained the dominant real estate hubs, accounting for 87% of the total market share. However, South Mumbai witnessed an uptick in the share of property registrations by 1%.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, stated, “In May 2025, Mumbai’s residential market saw a 4% YoY decline in property registrations, as properties priced between Rs 1–5 crore recorded a slowdown in sales momentum. However, this dip did not impact the revenue collection, owing to higher sales velocity for properties priced above Rs 5 crore.”
