January 31, 2025: According to a report by real estate consultant Knight Frank India, Mumbai (area under BMC jurisdiction) has seen over 11,773 registrations in January 2025, generating over Rs 952 crore in stamp duty revenue for the state. The state saw registrations of 10,967 units in January 2024 and revenue generation of Rs 760 crore. While this is a 7.3% increase in registrations compared to January 2024, it is also the highest January registration count in 13 years.
The report stated that strong stamp duty collections, up 25% year-on-year and a 13-year January high, reflect a rise in high-value transactions. This surge in activity indicates a strong demand for property in the city, driven by factors such as positive homebuyer sentiment, steady economic conditions, and large-scale infrastructure development. Residential properties continued to dominate, comprising 80% of all registrations in the preceding month of December.
Mumbai property sale registration and government revenue collection
The Knight Frank report highlighted that property registrations decreased by 5% in January, and revenue collections dipped by 16%. However, this decline is largely attributed to a seasonal dip typically observed in January. Historically, both property registrations and revenue collections have shown a dip in January compared to the preceding December, the report said.
Shishir Baijal, chairman & managing director, Knight Frank India, said “Mumbai’s residential market entered 2025 with strong momentum, with January 2025 witnessing a year-on-year rise in registrations. While the month’s registration volumes were the highest for any January on record, a sequential decline in both registrations and revenue collection was observed. This may not be considered alarming as historically January has seen a month-on-month decline over the previous month, however, one should watch the space keenly. Notably, data indicates sustained strength in the premium segment.”
“Steady economic activity and potential interest rate adjustments are expected to further support the market throughout 2025, creating a favourable environment for homebuyers. Continued government support, particularly in infrastructure development, will be critical in sustaining this positive trajectory. Stakeholders are also keenly anticipating the upcoming budget, hoping for policy measures that will further strengthen the real estate sector”, Shishir added.
Category wise transaction
According to the report, the Mumbai property market witnessed a notable shift in buyer preferences in January 2025. The share of registrations for properties priced at Rs 2 crore and above increased from 16% in January 2024 to 19% in January 2025, indicating a growing demand for premium real estate. This segment saw a total of 2,298 transactions in January 2025. Conversely, registrations for properties valued under Rs 50 lakh declined from 31% to 28% during the same period, suggesting a clear shift in buyer preferences towards higher-value segments.
Properties up to 1,000 sq ft continue to lead in registrations
The report mentioned that apartments measuring between 1,000 and 2,000 square feet gained popularity in January 2025, with their share of registrations increasing from 8% to 13%. While the share of apartments exceeding 2,000 square feet remained stable at 1%. Smaller units up to 500 square feet saw a significant decline in registrations, falling from 48% to 38%. This shift indicates a growing preference for more spacious homes in the Mumbai property market.
Western suburb and central suburb account to 86% of the total market share
As per the report, the Western Suburbs and Central Suburbs continued to dominate, accounting for 86% of total market share. However, the Central Suburbs experienced the most significant growth, increasing their share from 29% to 33%, while the Western Suburbs saw a slight decline from 57% to 53%. This growth reflects a surge in supply and heightened end-user interest in these locations.
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