Mumbai Real Estate: Property Registrations and Stamp Duty Down in October 2025
Mumbai's real estate market saw a 14% decline in property registrations and a 17% drop in stamp duty collections in October 2025 compared to the same period last year. The decline is attributed to a high base in October 2024, driven by festive demand.
Mumbai Real EstateProperty RegistrationsStamp DutyReal Estate MarketHousing MarketReal Estate NewsOct 31, 2025
The fall in property registrations and stamp duty was reported due to a high base of October 2024, which had seen a strong festive momentum driven by Navratri and Diwali, Knight Frank India, a real estate consultancy, said. In contrast, this year’s festive activity was concentrated in September, with Navratri taking place from 22 September to 1 October, and only Diwali (20 October) driving the festive activity. While lower than last year, numbers remained in a respectable range, holding above the 11,000 mark, Knight Frank India said.
Furthermore, on a month-on-month basis, property registrations decreased by 7% in October, and stamp duty collections fell by 22%. In September 2025, 12,070 properties were registered, followed by ₹1,292 crore of stamp duty. According to Knight Frank India, residential deals continued to dominate, accounting for about 80% of total registrations during the month.
Between January and October 2025, the Mumbai real estate market registered over 123,141 property transactions, contributing more than ₹11,151 crore to the state exchequer during this period. Property registrations observed a 4% year-over-year (YoY) growth, while revenue increased by 11% YoY during the same period.
Mumbai’s real estate market continues to display depth and stability through 2025. While October saw a moderation from last year’s festive-driven high base, the city still recorded over 11,000 registrations, underscoring resilient underlying demand. The shift in the festive calendar advanced much of the celebratory buying to September, yet activity in October remained strong, said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
With more than 123,000 registrations in the first ten months, contributing over ₹11,000 crore in revenue to the state exchequer, Mumbai’s housing market reflects structural strength supported by steady end-user demand. The moderation in year-on-year growth is largely a function of the festive timing rather than any real market correction, highlighting the consistency and maturity of demand across segments, Baijal added.
According to the Knight Frank India report, homes priced below ₹1 crore dominated, with their share rising from 45% in October 2024 to 48% this year. The 1–2 crore category held firm at 31%, indicating a stable core of mid-income demand, while the 2–5 crore segment eased slightly to 16%. Transactions worth over ₹5 crore remained unchanged at 6%, indicating consistent but limited luxury activity, the report stated.
Units measuring up to 1,000 sq ft accounted for 85% of total registrations in October 2025, marginally higher than the 82% recorded in October 2024. Within this category, the 500–1,000 sq ft range remained the clear preference for most buyers, striking a balance between affordability and adequate living space. Homes sized 1,000–2,000 sq ft accounted for 13% of registrations, while apartments over 2,000 sq ft maintained a niche 3% share.
The Western and Central Suburbs together accounted for 84% of all registrations in October 2025, slightly lower than the 86% recorded last year, but still reflecting their dominant role in the city’s housing market. The Western Suburbs led with a 55% share, supported by strong traction in mid-range inventory. Central Suburbs followed at 29%, while South Mumbai’s share rose to 10%, marking a modest growth.
South Mumbai's share increased from 7% to 10%, largely driven by a surge in new launches in the premium and luxury segments. Improved connectivity through ongoing infrastructure upgrades, such as the coastal road and metro network, has further strengthened demand in the city’s southern corridors. Central Mumbai, in contrast, eased to 6%.
Frequently Asked Questions
What caused the decline in property registrations and stamp duty in October 2025?
The decline is attributed to a high base in October 2024, which saw strong festive demand during Navratri and Diwali. This year, the festive activity was concentrated in September, leading to a moderation in October.
How did the festive calendar impact the real estate market in Mumbai?
The festive calendar advanced much of the celebratory buying to September, with Navratri taking place from 22 September to 1 October and Diwali on 20 October. This shift in festive timing led to a moderation in October, but activity remained strong.
What was the overall performance of the Mumbai real estate market in 2025?
Between January and October 2025, the Mumbai real estate market registered over 123,141 property transactions, contributing more than ₹11,151 crore to the state exchequer. Property registrations observed a 4% year-over-year growth, while revenue increased by 11% YoY.
Which price segments dominated the property market in October 2025?
Homes priced below ₹1 crore dominated, with their share rising from 45% in October 2024 to 48% this year. The 1–2 crore category held firm at 31%, indicating a stable core of mid-income demand, while the 2–5 crore segment eased slightly to 16%.
What were the key trends in property sizes in October 2025?
Units measuring up to 1,000 sq ft accounted for 85% of total registrations in October 2025, marginally higher than the 82% recorded in October 2024. The 500–1,000 sq ft range remained the clear preference for most buyers, striking a balance between affordability and adequate living space.
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