Mumbai Real Estate: Property Registrations Decline, Stamp Duty Collections Rise
In May 2025, Mumbai's real estate market experienced a 4% decline in property registrations, with a notable slowdown in sales for properties priced between ₹1 crore and ₹5 crore. Despite this, stamp duty collections saw a 3% increase.
Mumbai Real EstateProperty RegistrationsStamp DutyResidential MarketPrice SegmentsReal Estate NewsJun 01, 2025
However, stamp duty collections increased by 3% in May 2025, totalling ₹1,062 crores, compared to ₹1,034 crores collected in May 2024. In terms of month-on-month comparison, April 2025 saw 13,080 properties registered, with stamp duty collections amounting to ₹1,115 crore.
Residential property registrations continued to dominate in May 2025, accounting for 80% of all registrations in the Mumbai real estate market, according to Knight Frank India, a real estate consultancy firm.
The dip in May 2025 can be attributed to a slowdown in sales momentum, particularly for properties priced between ₹1 crore and ₹5 crore. According to Knight Frank, while the overall market saw a 4% YoY decline in property registrations, the higher price segments, particularly those above ₹5 crore, showed increased activity. On a year-to-date basis, Mumbai recorded a 24% YoY increase in registrations, totalling 64,461 properties, and a 17% rise in revenue, with stamp duty collections exceeding ₹5,696 crore.
May 2025 saw a clear divergence in buyer activity, with growth concentrated at the higher ends of the price spectrum. Registrations for properties priced above ₹5 crore increased from 5% in May 2024 to 7% in May 2025. In contrast, the mid-priced segments, particularly those between ₹1 crore to ₹5 crore, witnessed a decline in share.
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. Within this category, the 500–1,000 sq ft range remained the most preferred, with a 44% share, Knight Frank India said in its report. On the other hand, larger homes witnessed growing interest: units measuring 1,000–2,000 sq ft saw a marginal increase in share from 13% to 14%, while those over 2,000 sq ft rose from 2% to 3%. This trend highlights a steady, if gradual, shift in buyer appetite toward more spacious living, even as compact homes continue to lead in overall volumes, the report said.
According to the report, the western suburb and the central suburb account for 87% of the total market share. The western and central suburbs remained 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%.
Frequently Asked Questions
What was the percentage change in property registrations in Mumbai in May 2025 compared to May 2024?
Property registrations in Mumbai fell by 4% in May 2025 compared to May 2024.
How did stamp duty collections fare in May 2025 compared to May 2024?
Stamp duty collections increased by 3% in May 2025, totalling ₹1,062 crores, compared to ₹1,034 crores in May 2024.
Which price segment saw a decline in property registrations in May 2025?
Properties priced between ₹1 crore and ₹5 crore saw a slowdown in sales momentum, leading to a decline in registrations.
What is the trend in buyer activity for larger homes in Mumbai's real estate market?
Larger homes, particularly those measuring 1,000–2,000 sq ft, saw a marginal increase in share from 13% to 14%, and units over 2,000 sq ft rose from 2% to 3%.
Which areas in Mumbai are the dominant real estate hubs?
The western and central suburbs account for 87% of the total market share, with South Mumbai witnessing a slight uptick in property registrations.
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