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
