Mumbai registrations hit 14-year high in 2025, ₹1-2 cr homes drive sales

City records annual registrations of 150,254 properties in 2025, up 6% YoY

Mumbai’s residential real estate market closed 2025 on a historic high. According to the latest assessment by Knight Frank India, property registrations within the Brihanmumbai Municipal Corporation (BMC) limits touched 150,254 units in 2025, marking a 6% year-on-year increase and the highest annual tally in 14 years.

 

Stamp duty collections mirrored this surge in activity. Revenues crossed ₹13,487 crore, up 11% year on year.   Mumbai property sale registration and government revenue collection 

Mumbai property sale registration and government revenue collection

 

"Momentum remained firmly intact through the year-end. In December 2025 alone, 14,447 properties were registered, contributing Rs 1,263 crore to the state exchequer. This translated into a robust 16% year-on-year increase in registrations and an 11% YoY rise in stamp duty collections. On a sequential basis, December registrations surged 18%, while stamp duty revenues climbed sharply by 22%. Notably, December emerged as the second-strongest month of the year, surpassed only by March, when monthly registrations crossed the 15,000 mark, highlighting the sustained depth and consistency of Mumbai’s residential demand. Residential properties accounted for 80% of total registrations in December," noted the report.  

 

 

Registration momentum in Mumbai continues to tilt toward the higher price brackets. Homes priced above Rs 5 cr accounted for 7% of total registrations in December 2025, up from 6% a year earlier, reflecting demand in the luxury segment. Meanwhile, the less than Rs 1 cr range saw its share decline as affordability challenges weighed on buyer sentiment in this bracket. The Rs 2–5 cr range remained stable, while the share of properties worth Rs 1 to 2 cr increased from 30% in 2024 to 32% in 2025.  TICKET SIZE CATEGORY WISE TRANSACTIONS 

TICKET SIZE CATEGORY WISE TRANSACTIONS

Area wise breakup of apartment sales 

Area wise breakup of apartment sales

 

"2025 marked a steady and mature phase for Mumbai’s housing market, with property registrations crossing 1.50 lakh, the highest level seen in the last 14 years. This milestone is a strong indicator of the underlying resilience and depth of the market, driven by sustained end-user demand and a far more supportive supply-side ecosystem. Rising stamp duty collections reflect a gradual improvement in per unit transaction values. This strength is reinforced by a significant improvement in affordability, with Mumbai now at 47%, a sharp correction from levels where EMIs once consumed as much as 97% of household income," said Shishir Baijal, International Partner, Chairman & Managing Director, Knight Frank India.

 

Properties up to 1,000 sq ft continue to lead in registrations in December 2025 Units up to 1,000 sq ft contributed 82% of all registrations, in-line to last year. The 500–1,000 sq ft

segment was the most preferred, striking a balance between affordability and usable space for end-users. Larger homes retained a niche buyer base, with 1,000–2,000 sq ft units edging up to 15% and share of apartments above 2,000 sq ft stood at 3%.

 

Western Suburb and Central Suburb account for 85% of the total market share in December 2025. The suburban markets continued to anchor activity. Western and Central Suburbs accounted for 86% of the total registrations in December 2025. The Western Suburbs led with 57%, while the Central Suburbs contributed 29%. In contrast, South Mumbai held at 7%, and Central Mumbai slipped to 7%.

 

Affordability turnaround fuels demand

 

A key structural driver behind this resurgence is a sharp improvement in affordability. Mumbai’s affordability index has improved to 47%, a dramatic correction from earlier peaks when EMIs consumed as much as 97% of household income.

 

Value growth keeps pace with volumes

 

The long-term data highlights a clear shift. While registrations have risen steadily from pandemic lows, stamp duty collections have grown even faster, pointing to higher per-unit transaction values.

 

Registrations rose 17% between 2023 and 2025

 

Stamp duty collections increased 24% over the same period

 

This divergence suggests buyers are increasingly upgrading—either in location, unit size, or price bracket.

 

Ticket sizes tilt higher

 

The composition of transactions reveals a gradual move up the value curve:

 

Homes priced ₹1–2 crore increased their share to 32% in December 2025 (from 30% a year earlier)

 

Properties priced ₹5 crore and above rose to 7% of registrations, reflecting sustained luxury demand

 

The sub-₹1 crore segment saw its share decline to 42%, highlighting affordability pressures at the entry level

 

The ₹2–5 crore segment remained stable at 19%, continuing to serve as the market’s core mid-to-premium band.

 

Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank Research