Mumbai's Real Estate Market Booms with Record Registrations

Mumbai’s residential markets are showing signs of resilience compared to property markets in other cities, which are seeing a slowdown. Property registrations in the coastal metropolis hit a record 13,864 in April, and 12,315 in May, both at 14-year highs for the respective months, according to property consultant Knight Frank India.

Residential properties constitute 80% of total registrations in Mumbai and are registered within one to two months after sales due to local RERA Authority norms, while it takes longer in other cities. Consultants and developers cited various reasons for this growth, from upgrade sales to investments, a plethora of launches including redevelopment projects, and relatively slower growth in prices compared to other cities.

Vivek Rathi, national director – research at Knight Frank India, said new infrastructure coming up in the city and the suburbs have led to people getting a wide range of options, with the northern and western suburbs particularly seeing a lot of activity. “Most of purchases are upgrades,” he said, adding that Mumbai is also seeing a favourable phenomenon of alignment between price rise and income growth over the last couple of years.

Valuation disparities play a significant role in this trend. Mumbai’s residential price growth was not as strong as that in Gurugram, Hyderabad, and other cities. While Mumbai saw a residential price growth of 7 to 10% per annum, Hyderabad saw 10-12% and Gurugram saw 15-17% in the last couple of years.

Sanjay Dutt, managing director and CEO of Tata Realty & Infrastructure, said buyers may have invested in properties to save capital gains tax before March, and this is reflected in registrations in April and May. “Stock markets have fallen. Gold and silver are not doing well. Hence, buyers have turned to real estate,” he said, adding that Navi Mumbai has also emerged as a substantial property market in the region.

Dutt also noted that the wave of developers outside such as DLF, Prestige, and others added new projects and properties in addition to existing developers. Prashant Thakur, executive director and head, research and advisory at Anarock Property Consultants, said the redevelopment happening in the city could have pushed up registrations.

When an existing apartment owner gets a new flat in a redeveloped property, that also needs to be registered, even if they do not buy it, as per the law. A total of 229 development agreements (DAs) for the redevelopment of old buildings were signed in 2025, up from 196 in 2024, according to data from Knight Frank. Pankaj Kapoor, managing director at real estate research and data analytics firm Liases Foras, also said the registration data was skewed in favour of redevelopment projects.