Mumbai property registrations slip 0.1% in July; luxury sales buoy revenue

Despite a marginal YoY dip in registrations, Mumbai's property market remained resilient in July 2025 with rising revenue and demand for high-value transactions

Mumbai’s property sale registrations declined marginally by 10 basis points (0.1 per cent) year-on-year (YoY) in July 2025, reflecting a minor slowdown in mid-ticket housing demand, according to data released by Knight Frank India.

 

A total of 12,366 properties, including new sales and resales, were registered in July 2025, compared to 12,373 properties in July 2024. On a month-on-month (MoM) basis, however, registrations rose by 7 per cent.

 

State revenue grows on high-ticket transactions

 

The Maharashtra state exchequer earned Rs 1,101 crore in stamp duty revenue from property registrations in July, marking a 3 per cent increase YoY and 6 per cent rise MoM. This uptick in revenue is attributed to a rise in high-value transactions.

 

On a year-to-date (YTD) basis, over 88,426 properties were registered in Mumbai between January and July 2025, registering a 4 per cent YoY growth. Corresponding revenue grew by 13 per cent YoY to Rs 7,832 crore.

 

Luxury housing demand supports resilience

 

Shishir Baijal, chairman and managing director, Knight Frank India, said, “Mumbai’s residential market continues to show steady buyer confidence, with monthly registrations consistently crossing the 12,000 mark. While there has been some softening in demand for mid-ticket segments, demand for larger homes and properties priced above Rs 5 crore remains strong, supporting healthy revenue collections.” 

 

The share of properties priced above Rs 5 crore rose from 5 per cent in July 2024 to 6 per cent in July 2025. Conversely, the mid-market segment — priced between Rs 1 crore and Rs 5 crore — saw a dip in its share of total registrations.

 

Smaller apartments continue to dominate sales

 

Apartments up to 1,000 square feet remained the dominant choice, accounting for 82 per cent of all residential registrations in July 2025, broadly stable compared to 83 per cent in the same month last year.

 

Western and central suburbs remained the most active real estate zones, accounting for 88 per cent of all registrations in July 2025, up from 86 per cent in July 2024. Of this, the western suburbs contributed 57 per cent and central suburbs 31 per cent.

 

South Mumbai sees reduced market activity

 

South Mumbai’s share of total registrations declined to 6 per cent in July 2025 from 8 per cent a year earlier, signalling a relative slowdown in activity in the city’s traditional high-end micro-markets.

 

Amit Jain, chairman and managing director, Arkade Developers Limited, said recent rate cuts by the Reserve Bank of India have enhanced affordability and lifted homebuyer sentiment, particularly in the mid and premium housing categories. “As we head into the festive quarter, we expect this momentum to persist, driven by innovative flexible home ownership payment plans and buyer-centric offerings from developers that align with evolving consumer expectations,” he added.