Mumbai Property Market Surges to New Heights in November

Mumbai, the country’s largest and costliest property market, has scaled a fresh peak in November, registering its highest-ever property sale transactions for the month. This surge is primarily driven by firm end-user demand and the ongoing wave of infrastructure and connectivity upgrades transforming the city.

The country’s financial capital recorded its best November ever with 12,219 property registrations, up 20% from a year ago. The increased activity has also boosted state revenue, with stamp duty collections touching Rs 1,038 crore, marking a 12% year-on-year increase, according to data from the Inspector General of Registration and Controller of Stamps, Maharashtra.

Steady market appetite, bolstered by resilient buyer sentiment, has helped navigate affordability headwinds linked to rising prices and a shifting preference towards larger and premium homes.

“Mumbai’s residential market has extended its steady momentum into November, supported by firm demand across segments and a clear shift toward higher-value homes,” said Shishir Baijal, CMD, Knight Frank India. “With registrations crossing 135,000 units in the first 11 months, the market is operating at a structurally higher baseline, and monthly activity has consistently stayed healthy. The stability in both volumes and revenue highlights a mature demand cycle and continued buyer confidence across Mumbai.”

The city registered 135,807 deals in the first 11 months, contributing Rs 12,224 crore to the state and setting up a record year. Registrations rose 5% YoY and revenue increased 11%, underscoring sustained momentum backed by firm buyer confidence.

“Large-scale infrastructure upgrades are reshaping connectivity across Mumbai and unlocking new growth potential, which is clearly translating into strong on-ground sales momentum,” said Chintan Sheth, CMD, Sheth Realty. “Buyers are responding with confidence as improved infrastructure enhances the liveability of emerging corridors. This sustained traction reflects a structurally stronger market environment, with relatively lower mortgage rates further supporting activity.”

The residential category continued to anchor demand, accounting for 80% of all registrations in November. Larger and premium homes gained traction, with properties priced above Rs 5 crore rising to 7% from 5% a year earlier. Homes priced between Rs 1 crore and Rs 2 crore increased their share to 33%, while those below Rs 1 crore moderated to 42%, reflecting pressure on affordability at lower price points. The Rs 2-5 crore category maintained a stable 18% share.

Units up to 1,000 sq ft continued to dominate, contributing 84% of total registrations. The 500-1,000 sq ft segment remained the most preferred. Larger units between 1,000 and 2,000 sq ft increased to 13%, while apartments above 2,000 sq ft rose to 4%, indicating sustained demand for expansive living spaces.

Mumbai’s western and central suburbs remained the dominant markets, accounting for 85% of total registrations. The western suburbs led with a 56% share, followed by the central suburbs at 29%. South Mumbai held firm at 9%, while central Mumbai moderated to 6%.