Mumbai Experiences 4% Drop in Property Registrations Amid Luxury Market Growth
Mumbai witnessed a 4% year-over-year decline in property registrations in May 2025, primarily due to a drop in sales of properties priced between Rs 2 crore to Rs 5 crore. However, the luxury segment saw a 24% growth.
Property RegistrationsReal EstateLuxury SegmentResidential DemandMumbai MarketReal EstateJun 02, 2025
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.”
Frequently Asked Questions
What was the overall change in property registrations in Mumbai in May 2025 compared to May 2024?
Mumbai saw a 4% year-over-year (YoY) decline in property registrations in May 2025.
Which segment of the property market saw growth in May 2025?
The luxury segment, where property prices are above Rs 5 crore, saw a 24% growth in May 2025 compared to May 2024.
How did the share of property registrations for properties priced between Rs 2 crore to Rs 5 crore change?
The share of property registrations for properties priced between Rs 2 crore to Rs 5 crore dropped to 17% in May 2025 from 19% in May 2024.
What percentage of total market share do Western Suburbs and Central Suburbs account for?
Western Suburbs and Central Suburbs account for 87% of the total market share.
How did the revenue from property registrations in May 2025 compare to May 2024?
Despite the 4% decline in property registrations, the state's revenue from May 2025 registrations contributed Rs 1,062 crore, with a 3% increase in stamp duty collection.
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