For the second month in a row, Mumbai has witnessed a decline in property registrations, raising concerns in some circles about the health of the city’s real estate market. In May 2025, the city recorded 11,565 property registrations, a 4% year-on-year drop and a 12% fall compared to April 2025.
Despite this fall in volumes, the government earned ₹1,062 crore through stamp duty in May 2025, marking a 3% YoY rise, thanks largely to high-value property deals.
📉 Two-Month Fall in Property Registrations
The following table captures the monthly trend in registrations and stamp duty collections:
| Month | Registrations (Units) | YoY Change | MoM Change | Revenue (₹ Cr) | YoY Change | MoM Change |
|---|---|---|---|---|---|---|
| Mar-25 | 15,501 | 10% | 28% | 1,589 | 42% | 70% |
| Apr-25 | 13,080 | 12% | -16% | 1,115 | 5% | -30% |
| May-25 | 11,565 | -4% | -12% | 1,062 | 3% | -5% |
While March 2025 witnessed a registration high, the past two months have shown a downward trajectory, both in transaction volumes and government revenue.
📊 Dip in Mid-Segment Sales, Rise in Luxury Market
The breakdown of ticket-size-wise transactions shows a significant decline in mid-segment sales (₹1–5 crore), while luxury properties (₹5 crore and above) saw a sharp increase:
| Price Bracket | May 2024 Share | May 2025 Share | YoY % Change (Volume) |
|---|---|---|---|
| < ₹1 crore | 43% | 44% | 0% |
| ₹1–2 crore | 33% | 32% | -7% |
| ₹2–5 crore | 19% | 17% | -14% |
| ₹5 crore+ | 5% | 7% | +24% |
This shift toward luxury housing helped sustain overall revenue despite fewer transactions.
📐 Small Homes Still Lead, But Larger Homes Gain Ground
Most homebuyers continue to prefer compact homes, though interest in spacious apartments is rising:
| Apartment Size | May 2024 | May 2025 |
|---|---|---|
| Up to 500 sq. ft | 39% | 39% |
| 500–1,000 sq. ft | 45% | 44% |
| 1,000–2,000 sq. ft | 13% | 14% |
| Over 2,000 sq. ft | 2% | 3% |
📍 Market Hotspots Remain Suburban
The Western and Central suburbs dominated real estate activity:
| Region | May 2024 Share | May 2025 Share |
|---|---|---|
| Central Mumbai | 6% | 6% |
| Central Suburbs | 29% | 30% |
| South Mumbai | 7% | 8% |
| Western Suburbs | 57% | 57% |
💬 Expert View
According to Shishir Baijal, Chairman & Managing Director, Knight Frank, “In May 2025, Mumbai residential market saw a 4% YoY decline in property registrations, as properties priced between ₹1–5 crore recorded a slowdown in sales momentum. However, this dip did not impact the revenue collection, owing to higher sales velocity for properties priced above ₹5 crore.”
🧭 What Lies Ahead?
While Mumbai’s real estate market continues to be driven by genuine residential demand, the two-month decline in registrations — especially in the mid-income bracket — may be an early signal of market fatigue or recalibration. Whether this trend continues into the next quarter will be crucial in understanding if this is just a temporary dip or the beginning of a broader correction.
Also Read: Mumbai Real Estate Market Sees Record Highs in Property Prices