H1 2025: Record-Breaking Performance

From January to June 2025, Mumbai clocked 75,672 property registrations as of June 30 noon. This marks a 4% increase compared to 72,491 registrations in the corresponding period of 2024. Revenue collected by the state government from these registrations also reached a peak of INR 6,699 crore, a 14% year-on-year growth from INR 5,874 crore in the same period last year.

Mumbai Property Registrations & Revenue (H1 Comparison)

Source: IGR, ANAROCK Research

June 2025 Trends and Historical Context

June 2025 alone saw 11,211 properties registered by noon, generating INR 1,004 crore in revenue. While registrations for June dipped slightly (about 4% lower than June 2024’s 11,673 deals), revenue held firm, nearly matching last year’s figure with only a 1% decline.

Anuj Puri, Chairman – ANAROCK Group, commented, “June 2025 saw Mumbai notch up its second-highest property registrations for the month in six years, with 11,211 properties changing hands and revenue collections hitting an impressive INR 1,004 crore.” He added, “While registrations dipped slightly – about 4% lower than June 2024’s 11,673 deals – this year’s revenue held firm, matching almost last year’s figure. In fact, June 2025’s revenue was just 1% lower than last year, highlighting the market’s resilience despite a marginal drop in transactions. Mumbai’s real estate continues to deliver strong numbers, even as the pace has cooled a bit.”

June Revenue Trends (2019-2025)

Source: IGR, ANAROCK Research (Note: Only specific years provided in source data)

Sales Volume vs. Registrations: A Paradox Explained

Despite the strong registration numbers, overall housing sales across the Mumbai Metropolitan Region (MMR), including Mumbai City, remained muted in early 2025. ANAROCK Research indicates that Mumbai saw about 189,570 units sold in H1 2025, a 32% drop from the same period last year.

Puri attributes this apparent paradox to a record-breaking March. “Behind this seeming paradox lies a record-breaking March,” Puri stated. “After the announcement of a 3.9% hike in Maharashtra’s ready reckoner rates for FY26, buyers rushed to register properties, resulting in a whopping 15,501 registrations – the highest March tally in three years.” For comparison, only December 2020 (19,581) and March 2021 (17,728) recorded higher numbers, both influenced by COVID-era stamp duty reductions. March 2025 was exceptional, collecting over INR 1,589 crore in revenue from property registrations alone.

Average Ticket Price Indicates High-Value Sales

Further analysis of property registrations and demand trends from January to June 2025 reveals that the average ticket price of homes sold stood at INR 1.60 crore. This is over 3% higher than INR 1.56 crore recorded in H1 2024, and a significant 55% jump from INR 1.02 crore in the corresponding period of 2021. This trend indicates a continued preference for high-ticket priced homes over more affordable ones in the Mumbai market.

Also Read: Mumbai Real Estate Market Updates

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The hospitality sector continued to witness strong Year-on-Year (Y-o-Y) growth in performance in Q4 2022 (Oct-Dec), primarily driven by corporate travel, weddings, winter vacations and festivities. The year ended with a 90% Y-o-Y growth in RevPAR for the calendar year 2022 over 2021. The performance in Q4 2021 was strong as well on the back of weddings and domestic leisure travel, however corporate travel was only a fraction of what has been witnessed in Q4 2022. As a result, RevPAR growth of 60.9% Y-o-Y from Q4 2022 over Q4 2021 seems significant. Furthermore, the sector witnessed a RevPAR growth of 30.1% Q-o-Q between Q4 2022 and Q3 2022. This is due to higher levels of corporate travel in Q4 2022 compared to Q3 2022, according to JLL’s latest Hotel Momentum India (HMI) Q4, 2022. 

The hotel room demand across both business and leisure destinations remained strong during the quarter primarily driven by Meetings, Incentives, Conferences and Exhibitions (MICE), weddings and other business-related travel. Despite the year-end holidays, most business cities performed well with occupancy levels circa 65% and witnessed a strong growth in the Average Daily Occupancy (ADR) levels. The momentum of Q4 2022 is expected to continue in Q1 2023 remaining busy on the back of weddings, and recommencement of business travel post the year-end holidays. Business travel is expected to grow during Q1 2023 on the back of domestic corporate travel related to critical decisions prior to closure of the financial year.

A total of 81 hotels comprising 6,663 keys were signed in Q4 2022. Additionally, there were 25 hotels signed that were conversions of other hotels. The conversions constituted 27% of the inventory signed in Q4 2022.

Source: STR

All six key markets witnessed strong growth in RevPAR levels in Q4 2022 compared to Q4 2021, due to a comparable low corporate travel base of last year. Bengaluru emerged as the RevPAR growth leader in Q4 2022 with 110.6% growth over Q4 2021, followed by Mumbai and Delhi with a YoY growth of 105.3% and 94.3% respectively.

“Hotel room-night demand growth remained strong in Q4 2022 across major business and leisure destinations. Given the looming global head winds, inbound travel may witness a slowdown. However, domestic economic fundamentals remain strong and is expected to keep the domestic business environment stable. Additionally, a significant increase in hotel investment and related activities was witnessed towards the later part of last year. This momentum is expected to continue in 2023.” said Jaideep Dang, Managing Director, Hotels and Hospitality Group, India, JLL.

Also Read: Hospitality sector witnessed an 89.6% YoY growth in Q3

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By Varun Singh

On day 1 of the year 2022, a total of Rs 48.48 lakh was generated by the state government, this was generated via stamp duty and registration of various documents.

The inspector general and registration office was operational on Saturday, which was the first day of the year. And on this day, a total of 766 documents were registered with the IGR.

The first document registered is Agreement Relating to Deposit of Title Deeds, a total of 252, agreements relating to deposit of title deeds were registered via this Rs 28.36 lakh was generated, which was the highest.

The second one is Conveyance (Sales) a total of 51 documents was registered generating revenue of Rs 16.52 lakh.

The highest number of documents registered was Leave and Licenses (eRegistration) a total of 440 registrations, generating a revenue of Rs 2.95 lakh.

A total of 13 power of attorney was registered with the IGR generating a revenue of Rs 16,000, two documents each of gift and mortgage deed was registered generating a revenue of Rs 38,600 and Rs 7,800 respectively.

Five release documents were registered thus generating a revenue of Rs 1,000 and 1 affidavit was registered generating a revenue of Rs 500.

The total amount thus came to Rs 48.48 lakh by registering 776 documents. The second day of the year was a Sunday.

In December the state of Maharashtra generated a revenue of Rs 2366 crore from registration of 138066 sales, whereas the figure stood at Rs 1676 crore from 104014 sales in November, a steep hike.

Stamp duty is one of the biggest revenue generation source for the government of Maharashtra.

Also Read: 9672 home sales in December generated stamp duty revenue of Rs 758 crore

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By Varun Singh

The Tehsildar of Borivali, under the Mumbai suburban collector has come out with a notice of sale of two vehicles and five properties belonging to developers.

There are two different sale notices issued by the Tehsildar of Borivali. The first notice is about sale of two vehicles while the properties are five flats located in Malad.

The property is of Ravi Developers and Builders, Vijaykamal Properties Pvt Ltd, Monarch and Khureshi Builders.

The property was confiscated for dues of revenue recovery. certificate. The revenue recovery certificate has been issued under section 40(l) of Real Estate (Regulation &. Development) Act 2016 and Rule 3 of Maharashtra Real Estate (Regulation and Development) (Recovery of interest, Penalty, compensation Fine Payable, forms of complaints and Appeals etc.) Rule 2017 by Hon. Member & Adjudicating officer, Maharashtra, Mumbai.

Collector, Mumbai Suburban, District is authorised to take action under section 176 to 223 of Maharashtra Land Revenue Code, 1966 with respect to immovable and movable properties located within Jurisdiction of Borivali Taluka.

The dues to be recovered are for 29 cases amounting to Rs 23.06 crore.

The two vehicles put on sale are Innova Cysta annd Jeep Compass, the government price for the vehicles are Rs 13.11 lakh and Rs 17.46 lakh respectively.

The sale of the two vehicles will be held on June 4, at 12 noon via public auction at the Thesildar office in Borivali if the dues aren’t paid till then.

The property that has been put on sale includes five flats. The total area of the five flats is 570.03 square meters, and the government valuation of the flats is Rs 9.41 crore. All the five apartments are located in Malad.

The property shall be sold by the Thesildar on June 23 at 11 am via public auction at his office in Borivali if the amount of dues aren’t paid before the date of sale.

The details of both the sale notices can be seen here.

Section 169 of Maharashta Land Revenue Code, 1966 provides as under.
l) The arrears of land revenue due on account of land shall be a paramount charge on the land and on every part thereof and shall have precedence over any other debt, demand or claim whatsoever, whether in respect of mortgage, judgement-decree, execution or attachment, or otherwise howsoever, against any land or the holder thereof. (2) The claim of tle State Govemment to any monies other than arrears of land revenue, but recoverable as a revenue demand under the provisions of this Chapter, shall have priority over all unsecured claims against any land or holder thereof.

Also Read: MahaRERA Bites Off Registration Of 5 Projects

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By Varun Singh

Mumbai saw more than 80,000 properties being registered in the city during the stamp duty cut period.

As per data by Inspector General of Registration (IGR), Maharashtra, the stamp duty cut period between September 2020 to March 2021 saw as many as 80,718 properties registered in Mumbai alone – a growth of 114% against the same period last year (September 2019 to March 2020.)

Prashant Thakur, Director & Head – Research, ANAROCK Property Consultants says, “Despite the stamp duty cuts in this period, the state government collected almost the same volume of registrations revenue as it did last year in the same period. The total revenue collected stood at Rs 2,914 crore between September 2020 to March 2021 period, while it was Rs 2,958 crore in the corresponding period a year ago.”

In short, the increased sales volumes aided by the stamp duty cut helped the government avoid severe revenue loss. Ever since the expiry of the stamp duty cut period from April 1, onwards, there has been a marked drop in property registration numbers. Besides the expiry of the stamp duty cut period, the second COVID-19 wave and ensuing restrictions aimed at curtailing the city’s case load have contributed towards the declining numbers.

The stamp duty cut significantly stimulated housing demand in the city. The government would do well to seriously consider extending it to keep the property sales momentum – and registrations revenue – going.

“It is an apt time to consider such a move as the second wave has proved to be far more serious than the first one. Overall, the housing sector is in better equipped this time around as more developers have developed digital marketing capabilities and the government has allowed construction activities to continue.” says Thakur.

However, the April-June quarter will certainly be impacted by the rapid spread of the virus. Already, restrictions on interstate movement and the call to steel manufacturers and fabricators to allocate their oxygen supplies to the hospitals have put pressure on the supply chain.

Amid these challenges, the stamp duty cut period showcased that housing demand in the financial capital is very healthy. Industry bodies are campaigning with the state government to ensure that this demand is harnessed to everyone’s benefit.    

The second COVID-19 wave coupled with the expiry of the stamp duty cut period will impact the monthly growth momentum of Mumbai’s housing sector. During the period of stamp duty cuts, there was consistent m-o-m growth in sales.

Also Read: In 21 Days Of April 2021 Mumbai Sells More Than April 2019 But Earns Less Revenue

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By Varun Singh

September 1, was the day when the state government implemented the Stamp Duty rate cut in the state.

On the first day, a total of 4,784 registrations took place with the registration offices across the state.

The total amount collected from these document registration was Rs 31.46 crore.

Of the 4,784 registrations carried out, 3,144 registrations in the entire state were that of sale and conveyance.

The majority portion of the stamp duty and registration fees collected in the state came from conveyance and sale registrations, which stood at Rs 28.51 crore.

The other aspects that contributed to the registration amount are leave and license, lease, etc.

Only in Mumbai, 83 documents of conveyance and sales were registered worth Rs 2.54 crore on Day 1.

The state government on August 26, announced a stamp duty rate cut in the entire state. From September 1 to December 31, the rates were slashed by 3%. The rates have been reduced by 2% between January 1 to March 31 (2021).

According to Adv Vinod Sampat, an expert on matters of Stamp Duty, the start is good. “Property Purchasers are happy. Stamp duty is a major source of revenue for the government. It is a win win situation for all,” said Sampat.

Meanwhile Mumbai city saw a collection of Rs 176 crore from registration of conveyance and sales in the month of August.

Mumbai’s revenue from registration saw a fall in August when compared to July. In August the revenue collected was Rs 211.76 crore, in July it stood at Rs 242 crore.

A total of 24,196 documents were registered with the registration office in Mumbai in August. 

In July the total number of documents registered in Mumbai was less than August, it was 21,311.

In September, the revenue is expected to see a hike, as the belief in real estate industry is that with reduction in stamp duty prices, many would buy homes. These homes will be registered too and thus the figures are expected to go up.

Also Read: Revenue From Property Registration Falls In August

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By Varun Singh

Mumbai city in the month of August saw a fall in the revenue from registration compared to its July collection.

In August, the revenue from stamp duty and registration of property and other documents stood at Rs 211.76 crore.

This when compared to the previous month’s revenue, then it is a tad bit down, July had seen a collection of Rs 242 crore.

A total of 24,196 documents were registered with the office of stamp duty and registration in Mumbai in August.

In July the total number of documents registered in Mumbai was less than August, it was 21,311.

If one has to compare August with April, then no doubt there’s a huge difference, as April saw a mere 27 agreement being registered. The revenue collected in April was Rs 43,547.

In May the figures did go up slightly. With a total of 1,404 documents being registered, the revenue collected was Rs 18.12 crore.

The figures in June month stood at Rs 179 crore from registration of 13,652 documents.

There could be two reasons behind the revenue going down in August.

Yashika Rohiira, of Karma Realtors says, “One of the biggest reasons is the state government announcing a stamp duty cut in August that would come in force from September 1. Because of this many who were about to register the documents they held it. This is one reason why revenue is close to July but not above it.”

The other reason could be the impact of slowdown in the market, August saw several deals being sold at less than market rate. When people sell at less, they pay stamp duty on ready reckoner rates. When flats are sold at higher rates, the stamp duty is paid on the higher price. Thus the collection sees a change too.

In August out of the total documents registered maximum of 14,023 were e-registration of Leave and License. This generated Rs 2.23 crore.

While the highest revenue of Rs 176 crore was generated by Conveyance (sales) where 2,642 transactions were registered.

Rohiira says in September as the registration of documents figures will go up, the revenue may be down, because of the stamp duty cut.

The state government on August 26, announced a rate cut in stamp duty. So from 5% it will be 2 per cent from September 1 to December 31, and 3% between January 1 to March 31 (2021).

Before lockdown, the revenue figures were high. In March, Mumbai generated Rs 377 crore. While for February it stood close to Rs 470 crore.

Also Read: Stamp Duty Reduced Read How Much You Will Save

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By Varun Singh

Registration revenue is one of the biggest source for the state government’s treasury. However, during the lockdown, the numbers had dwindled drastically.

Finally it’s coming on track with figures showing a steady increase. In the 30 days of June, Mumbai saw 13,652 documents being registered.

The registration of these documents gave the state government Rs 179 crore, which is the highest since April.

The lowest revenue that was collected by the registration department was Rs 43,547 crore in April. In this month only 27 documents were registered.

Also Read: Revenue from registration in Mumbai falls to 0.001% in April from March

The figure then went up in May, where a total of 1404 documents were registered. The revenue collected via registration in Mumbai in May stood at Rs 18.12 crore.

Also Read: May month’s registration income in Mumbai jumps 4 lac % from April

However, June has helped the state government’s treasury inflate. Of the total Rs 179 crore, Rs 153.20 crore is by registration of Conveyance (sales) documents. 1839 sale documents were registered in June.

The highest number of registration was that of Leave and License (e-registration) documents. Which stood at 7831 documents were registered in June. It generated a revenue of Rs 1.10 crore.

In the month of March, the revenue generated in Mumbai was Rs 377 crore. While for February it stood close to Rs 470 crore.

Meanwhile, the growing revenue is a good indicator for realty sector. This goes to show that deals are taking place.

According to a broker, many consumers have come in the market, looking for homes. Even rental market is doing decent.

“Rentals are now negotiable, even big deals are happening where the seller is negotiating the price. The revenue figure will grow as days pass,” he said.

Lockdown due to COVID 19 Pandemic has impacted the real estate sector severely, because of which even revenue had gone down.

However, with relaxations in several places, the revenue figures from registrations are coming back on track.

Also Read: Deals taking place below RR rates in Mumbai

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By Varun Singh

Now a homebuyer will be able to register his agreement for sale online sitting at the developers office.

The state government’s registration department has almost finalized the process and the infrastructure will be ready in next 15-days.

Omprakash Deshmukh, Inspector General-Registrations and Stamps confirmed that the infrastructure is being developed to allow this. “With NIC we have worked on a process where property registration could be carried out online. Within 15-days time the infrastructure will be live,” said Deshmukh.

Prajapati Group from Navi Mumbai has received permission for online registration of all their properties in their projects at Dronagiri and Panvel.

Actually a few days ago, during a webinar, CREDAI MCHI had requested Revenue Minister Balasaheb Thorat, that in view of COVID situation, developers should be allowed to register their properties online at their own offices. Thorat gave his nod to the proposal and accordingly instructed the Revenue department to permit the same.

Raajesh Prajapati, MD Prajapati Group said, “Now once the infrastructure is ready and connectivity with NIC is completed, the registration of our properties can be done at our own office at Panvel.”

How does this benefit a homebuyer? Homebuyers will not have to travel up to the sub registrar office for registration of properties they have bought from a developer.

This move will help reduce the load at sub Registrar office and also during COVID times people reduce crowding too.

Many homebuyers were fearful to visit the sub-registrar office for registration of documents. Now they will be able to register their properties at the office of developer.

This will also help homebuyers, because now developers won’t be able to delay the registration of agreement an important aspect of home buying.

Developers will also be equipped with ready reckoner rates of their property from the registration department. This will come handy while calculating the stamp duty to be paid when they register the agreement.

Manju Yagnik, Vice Chairperson, Nahar Group and Vice President NAREDCO (Maharashtra), said, “”The new facility will provide homebuyers with convenience to conduct all the home buying formalities under one roof. Registration is the most important and final step in the process. Allowing developers to have homebuyers to register his/her home at their office will also bring a sense of security and mental ease in an otherwise uncertain pandemic stressed world.”

Also Read: TATA housing directed to refund money to homebuyer

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By Varun Singh

In the month of May the total revenue collected by registration department from Mumbai stood at Rs 18.12 crore.

The number of documents registered in May stood at 1,404 in entire Mumbai.

Thus a jump of 4 lakh per cent compared to the collection of Rs 43.547 in the month of April in Mumbai.

In May physical registration at 10 offices of registration started in Mumbai from May 18.

On Day 1 of these offices opening, a total of 487 documents were registered and the revenue collected was Rs 23.74 lakh.

Also Read: Registration offices start in Mumbai, 487 registrations on Day 1

Figures from May show that the highest collection in Mumbai was from Conveyance (sales) which stood at Rs 16.37 crore. In this bracket a total of 207 documents were registered.

While three certificate of sale generated a revenue of Rs 33.64 lakh and revenue from seven mortgage deeds was Rs 33.52 lakh.

146 documents related to ‘Agreement Relating to Deposit of Title Deeds’ gave the registration department Rs 18.83 lakh.

The highest number of documents registered in May with the registration department was Leave and Licenses (eRegistration) a total of 990. Revenue generated stood at Rs 14.71 lakh.

However, compared to March figures there’s still a long way to go for the department.

In the month of March, the revenue collected stood at Rs 377 crore and documents registered were 25,170.

In February the revenue collected was close to Rs 470 crore.

Post Covid19, and the following lockdown since March last week in the country, registration figures have dwindled.

In April only 27 documents were registered Mumbai, which is one of the lowest in the history of the registration department.

Also Read: Revenue from registration in Mumbai falls to 0.001% in April from March

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