Mumbai’s real estate market has delivered its strongest performance in 14 years, recording a record 150,254 property registrations in 2025 – a solid 6% increase over the previous year. Stamp duty collections crossed INR 13,487 crore, up 11% year-on-year, reflecting both strong transaction volumes and steadily rising property values across the city.
The year-end momentum remained exceptionally strong. December 2025 alone saw 14,447 properties registered – a 16% jump from December 2024 – contributing INR 1,263 crore to state revenue. On a month-on-month basis, registrations rose 18% and stamp duty collections surged 22%, making December the second-highest month of the year after March.
Residential properties accounted for 80% of December’s registrations, underlining sustained end-user demand. Experts attribute the robust performance to improved affordability, better supply of quality housing, and major infrastructure projects enhancing connectivity.
Shishir Baijal, International Partner, Chairman & Managing Director, Knight Frank India, said: “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 reflects 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 indicate gradual improvement in per-unit transaction values, while affordability has improved significantly – Mumbai is now at 47%, a sharp correction from earlier levels where EMIs consumed up to 97% of household income.”
Annual Property Registrations & Stamp Duty Collections (2013–2025)
| Year | Registrations (Units) | YoY Change | Revenue (INR Cr) | YoY Change |
|---|---|---|---|---|
| 2013 | 64,242 | – | 3,654 | – |
| 2014 | 63,636 | -1% | 3,770 | 3% |
| 2015 | 67,400 | 6% | 4,173 | 11% |
| 2016 | 63,255 | -6% | 4,016 | -4% |
| 2017 | 68,659 | 9% | 5,379 | 34% |
| 2018 | 80,746 | 18% | 5,654 | 5% |
| 2019 | 67,863 | -16% | 5,446 | -4% |
| 2020 | 65,633 | -3% | 3,122 | -43% |
| 2021 | 111,913 | 71% | 6,111 | 96% |
| 2022 | 122,035 | 9% | 8,901 | 46% |
| 2023 | 126,937 | 4% | 10,871 | 22% |
| 2024 | 141,202 | 11% | 12,141 | 12% |
| 2025 | 150,254 | 6% | 13,487 | 11% |
Source: Maharashtra Govt – Dept. of Registrations and Stamps (IGR); Knight Frank India
Monthly Registrations & Stamp Duty – 2025
| Month | Registrations (Units) | YoY Change | MoM Change | Revenue (INR Cr) | YoY Change | MoM Change |
|---|---|---|---|---|---|---|
| Dec-2024 | 12,418 | 1% | 22% | 1,134 | 21% | 23% |
| Jan-2025 | 12,249 | 12% | -1% | 994 | 31% | -12% |
| Feb-2025 | 12,066 | 0.1% | -1% | 935 | 6% | -6% |
| Mar-2025 | 15,501 | 10% | 28% | 1,589 | 42% | 70% |
| Apr-2025 | 13,080 | 12% | -16% | 1,115 | 5% | -30% |
| May-2025 | 11,565 | -4% | -12% | 1,062 | 3% | -5% |
| Jun-2025 | 11,599 | -1% | 0% | 1,035 | 2% | -3% |
| Jul-2025 | 12,579 | 1.7% | 8% | 1,123 | 6% | 8% |
| Aug-2025 | 11,230 | -3% | -11% | 1,000 | -6% | -11% |
| Sep-2025 | 12,070 | 32% | 7% | 1,292 | 47% | 29% |
| Oct-2025 | 11,649 | -10% | -3% | 1,040 | -14% | -20% |
| Nov-2025 | 12,219 | 20% | 5% | 1,038 | 12% | 0% |
| Dec-2025* | 14,447 | 16% | 18% | 1,263 | 11% | 22% |
December 2025 numbers forecasted based on per-day run rate Source: Maharashtra Govt – Dept. of Registrations and Stamps (IGR); Knight Frank Research
Ticket Size Category – December 2024 vs December 2025
| Category | December 2024 | December 2025 |
|---|---|---|
| Less than 1 crore | 44% | 42% |
| 1 to 2 crores | 30% | 32% |
| 2 to 5 crores | 19% | 19% |
| 5 crore and above | 6% | 7% |
Apartment Size Breakdown – December 2024 vs December 2025
| Area (sq ft) | December 2024 | December 2025 |
|---|---|---|
| Up to 500 | 37% | 36% |
| 500 – 1,000 | 45% | 46% |
| 1,000 – 2,000 | 15% | 15% |
| Over 2,000 | 3% | 3% |
Micro-Market Share – December 2024 vs December 2025
| Micro-market | December 2024 | December 2025 |
|---|---|---|
| Western Suburbs | 51% | 57% |
| Central Suburbs | 33% | 29% |
| South Mumbai | 8% | 7% |
| Central Mumbai | 8% | 6% |
With Western and Central Suburbs together accounting for 86% of December registrations, suburban areas continue to drive the market. The shift toward higher price brackets and larger units in the 500–1,000 sq ft range signals strong demand for quality, well-connected homes.
As Mumbai heads into 2026 with improved affordability and ongoing infrastructure development, the market is well-positioned for continued growth.
Also Read: Mumbai Property Registrations Down 11% MoM in Aug 2025; Stamp Duty Revenue Slips 19% to ₹1,000 Cr
