Mumbai Property Market Sees 4% Decline in Registrations, Luxury Segment Thrives
Mumbai witnessed a 4% decline in property registrations in May 2025, primarily due to a slowdown in the Rs 2–5 crore segment. However, the luxury segment (Rs 5 crore and above) saw a 24% growth, contributing significantly to the state's revenue.
Mumbai PropertyReal EstateProperty RegistrationsLuxury SegmentResidential DemandReal Estate MumbaiJun 02, 2025
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.”
Frequently Asked Questions
What was the overall decline in property registrations in Mumbai in May 2025?
Mumbai city saw a 4% decline in property registrations in May 2025 compared to the same period in 2024.
Which segment of the property market saw the most significant growth in May 2025?
The luxury segment, with properties priced at Rs 5 crore and above, saw a 24% growth in registrations in May 2025.
What was the share of properties priced between Rs 2 crore to Rs 5 crore in overall registrations in May 2025?
Properties priced between Rs 2 crore to Rs 5 crore accounted for 17% of overall registrations in May 2025.
How did the stamp duty collection fare in May 2025?
Despite the decline in property registrations, stamp duty collection saw a 3% increase in May 2025 compared to May 2024.
Which areas in Mumbai dominated the property market in May 2025?
Western Suburbs and Central Suburbs dominated the property market, accounting for 87% of the total market share.
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