Mumbai Property Market Sees 4% Decline in Registrations, Luxury Segment Thrives

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 Rs 5 crore and above, saw a 24% growth in May 2025 on a yearly basis. The segment's 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 14%, and its share in overall registrations decreased to 17% in May 2025 from 19% in May 2024.

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, 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 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 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.”