Mumbai, June 2, 2024: Mumbai city (under BMC jurisdiction) registered sales of 11,565 properties in May 2025, contributing Rs 1,062 crore to the state’s revenue. While property registrations declined by 4% year-on-year (YoY) in May 2025, stamp duty collection witnessed a rise of 3% during the same period. This uptick in revenue is attributed to a rise in transactions in the Rs 5 crore and above segment. The market continues to be driven by residential demand, with 80% of all registrations in the month attributed to residential properties, pointed a Knight Frank India report.
Mumbai property sale registration and government revenue collection
| Period | Registration (Units) |
YoY | MoM | Revenue (INR cr) |
YoY | MoM |
| Apr-24 | 11,648 | 11% | -18% | 1,058 | 18% | -6% |
| May-24 | 12,000 | 22% | 3% | 1,034 | 24% | -2% |
| Jun-24 | 11,673 | 13% | -3% | 1,014 | 18% | -2% |
| Jul-24 | 12,373 | 21% | 6% | 1,064 | 28% | 5% |
| Aug-24 | 11,631 | 7% | -6% | 1,062 | 31% | 0% |
| Sep-24 | 9,111 | -15% | -22% | 877 | -22% | -17% |
| Oct-24 | 12,960 | 22% | 42% | 1,205 | 44% | 37% |
| Nov-24 | 10,216 | 5% | -21% | 925 | 30% | -23% |
| Dec-24 | 12,418 | 1% | 22% | 1,134 | 21% | 23% |
| Jan – 25 | 12,249 | 12% | -1% | 994 | 31% | -12% |
| Feb-25 | 12,066 | 0.1% | -1% | 935 | 6 | -6% |
| 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% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
Shishir Baijal, chairman and managing director, Knight Frank India, stated, “In May 2025, Mumbai residential market saw a 4% YoY decline in property registrations, as properties priced between Rs 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 Rs 5 crore. On a year-to-date basis, Mumbai recorded a 24% YoY increase in registrations, totalling 64,461 properties, and a 17% rise in revenue, with stamp duty collections exceeding Rs 5,696 crore.”
Ticket size category wise transactions
| Category | May – 24 | May-25 | ||||||
| Less than 1 crore | 43% | 44% | ||||||
| 1 to 2 crores | 33% | 32% | ||||||
| 2 to 5 crores | 19% | 17% | ||||||
| 5 crore and above | 5% | 7% | ||||||
| Category | May – 24 | May – 25 | % Change (YoY) |
|||||
| Less than 1 crore | 5,118 | 5,129 | 0% | |||||
| 1 to 2 crores | 3,959 | 3,681 | -7% | |||||
| 2 to 5 crores | 2,306 | 1,990 | -14% | |||||
| 5 crore and above | 617 | 765 | 24% | |||||
May 2025 saw a clear divergence in buyer activity, with growth concentrated at the higher ends of the price spectrum. Registrations for properties priced above Rs 5 crore increased from 5% in May 2024 to 7% in May 2025. In contrast, the mid-priced segments, particularly those between Rs 1 crore to Rs 5 crore, witnessed a decline in share.
Properties up to 1,000 sqft continue to lead in registrations
According to the Knight Frank India report, apartments up to 1,000 sqft continued to dominate Mumbai’s residential registrations in May 2025, accounting for 83% of all transactions—unchanged from the previous year. Within this category, the 500–1,000 sqft range remained the most preferred, with a 44% share. However, larger homes witnessed growing interest: units measuring 1,000–2,000 sqft saw a marginal increase in share from 13% to 14%, while those over 2,000 sqft rose from 2% to 3%. This trend highlights a steady, if gradual, shift in buyer appetite toward more spacious living, even as compact homes continue to lead in overall volumes.
Area wise breakup of apartment sales
| Area (sq ft) | May – 24 | May-25 |
| Up to 500 | 39% | 39% |
| 500 – 1,000 | 45% | 44% |
| 1,000 – 2,000 | 13% | 14% |
| over 2,000 | 2% | 3% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
Micro-market wise breakup of apartment sales
| Micro-market | Share in May 2024 | Share in May 2025 |
| Central Mumbai | 6% | 6% |
| Central Suburbs | 29% | 30% |
| South Mumbai | 7% | 8% |
| Western Suburbs | 57% | 57% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
The Western and Central Suburbs remained the dominant real estate hubs, accounting for 87% of the total market share. However, South Mumbai witnessed an uptick in share of property registrations by 1%.
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