Mumbai's Property Market Shows Steady Growth in H1 2025 Despite Minor June Dip

Mumbai registered 11,586 property transactions in June 2025, reflecting a marginal year-on-year decline of 1 per cent from 11,673 units recorded in June 2024, according to data released by the Maharashtra Department of Registrations and Stamps (IGR). However, the city reported a 2 per cent increase in stamp duty revenue, amounting to ₹1,031 crore, suggesting a shift towards higher-value property transactions.

The broader performance during the first half of 2025 (January–June) remained robust. A total of 75,982 property registrations were recorded, up 5 per cent over the same period last year, bringing in ₹6,727 crore revenue, which marks a 15 per cent year-on-year growth. According to real estate consultancy Knight Frank India, both registration volume and revenue represent the strongest first-half performance since 2013.

One of the key trends noted during June was a rising appetite for premium homes. Properties priced above ₹5 crore constituted 6 per cent of the total registrations in June 2025, up from 5 per cent a year earlier. Conversely, the ₹1 to ₹5 crore segment saw a dip in its share, indicating a shift in buyer preference towards high-end housing.

Reacting to the data, Prashant Sharma, President of NAREDCO Maharashtra, says, “The preference for Western and Central suburbs reiterates the role of infrastructure-led development and better connectivity in driving homebuyer sentiment. Going forward, continued policy support and timely project completions will be crucial to maintain this momentum.”

Western and Central Suburb Concentration:

Shraddha Kedia-Agarwal, Director of Transcon Developers, says, “The increased traction in the Western Suburbs aligns with this trend, as these locations offer a strong mix of quality developments and urban convenience. Despite economic headwinds, the market has displayed a remarkable ability to adapt, evolve, and grow.”

Geographically, Mumbai’s residential sales remained concentrated in the Western and Central Suburbs, which jointly contributed 88 per cent of registrations in June, up from 86 per cent in the corresponding month last year. The Western Suburbs led the tally with a commanding 57 per cent share, followed by 31 per cent from the Central Suburbs. In contrast, South Mumbai’s share dropped to 6 per cent, pointing to relatively muted activity in the city’s traditional prime locales.

The slight moderation in June is a healthy sign of market stability and reflects typical seasonal trends. What’s particularly encouraging is the increasing activity in high-value transactions, which bodes well for luxury and premium housing segments, especially in emerging growth corridors, Nishant Deshmukh, Founder and Managing Partner of Sugee Group, points out on the seasonal trend of the market.

Structural Shifts in Buyers’ Priorities:

Property analysts attribute the continued resilience of Mumbai’s housing market to strong end-user demand, improving household incomes, and an increasing preference for lifestyle-oriented housing in well-connected suburban hubs. Experts suggest that this momentum, particularly in mid-to-high-end housing, underscores structural shifts in buyer priorities, with accessibility, amenities, and long-term value emerging as defining factors in home purchases.

On the phenomenon of mid-to-high-end housing sales, Nihar Thakkar, Founder of The Mandate House Private Ltd., comments, “The latest data underlines how Mumbai’s real estate market is evolving into a more mature and segmented ecosystem. The rise in high-ticket registrations signals wealth creation and a strong appetite for aspirational living. While the mid-market segment has seen a slight dip, it still holds immense potential, especially with the right mix of government incentives and product innovation.”