Mumbai Experiences 4% Drop in Property Registrations Amid Luxury Market Growth

Mumbai city experienced a 4% year-over-year (YoY) decline in monthly property sales registrations, with 11,565 registrations recorded in May 2025. This drop is primarily attributed to a decline in registrations for properties priced between Rs 2 crore to Rs 5 crore. According to data collated by Knight Frank, this is the first time the city has seen a YoY drop in registrations in the last eight months.

However, the luxury segment, where property prices are above Rs 5 crore, saw a 24% growth in May 2025 compared to the same period last year. The segment's share in overall registrations also increased from 5% in May 2024 to 7% in May 2025.

Registrations for properties priced between Rs 2 crore to Rs 5 crore declined by 14% year-on-year, and their share in overall registrations dropped to 17% in May 2025 from 19% in May 2024.

Despite the 4% decline in property registrations, the state's revenue from May 2025 registrations contributed Rs 1,062 crore. Stamp duty collection saw a 3% increase 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, according to Knight Frank.

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 remain 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 of Knight Frank India, stated, “In May 2025, Mumbai's residential market saw a 4% YoY decline in property registrations, primarily due to a slowdown in sales momentum for properties priced between Rs 1–5 crore. However, this dip did not impact the revenue collection, thanks to higher sales velocity for properties priced above Rs 5 crore.”