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Mumbai’s real estate market has shown signs of stabilisation as property registrations slightly dipped in February 2025. According to Knight Frank India, a total of 11,541 properties were registered in the city, marking a 4% Year-on-Year (YoY) decline compared to 12,056 registrations in February 2024, based on data from the Maharashtra Inspector General of Registration (IGR).
Despite the decline in registrations, Mumbai’s stamp duty collections remained stable at ₹896 crore in February 2025, closely matching the ₹885 crore collected in February 2024. However, compared to January 2025, when 12,249 properties were registered and stamp duty collections totalled ₹994 crore, February showed a slight reduction in both registrations and collections.
The market has also witnessed noticeable changes in micro-market preferences. The central suburbs saw the most significant increase in market share, rising from 29% in January 2024 to 33% in January 2025. Central and South Mumbai also experienced growth, with their market shares increasing to 11%.
Industry leaders shared their insights on the numbers for February 2025. Prashant Sharma, President of NAREDCO Maharashtra, stated that the market was entering a phase of stability, signalling long-term growth. He highlighted the consistency in stamp duty collections as a positive indicator of the market’s resilience.
Shraddha Kedia-Agarwal, Director at Transcon Developers, noted a clear shift towards larger residential units in the city, which aligns with changing consumer preferences for more spacious living spaces.
Rohan Khatau, Director at CCI Projects, pointed out that the moderation in registrations, along with steady stamp duty collections, reflected the maturity and resilience of Mumbai’s real estate market. He noted that the demand for larger homes, especially in the suburbs, was growing.
Samyak Jain, Director at Siddha Group, echoed the sentiment, adding that the strong performance of the market, despite the decline in registrations, pointed towards continued growth and opportunities in the sector.
