In May 2025, Mumbai’s real estate market recorded 11,565 property registrations, contributing ₹1,062 crore to the state’s revenue. While the number of property registrations saw a slight 4% year-on-year (YoY) decline, the revenue from stamp duty witnessed a growth of 3%, driven primarily by an uptick in high-value property sales. The high-end market, particularly homes priced above ₹5 crore, played a crucial role in this revenue rise, indicating a shift in buyer activity towards the luxury segment. A report from Knight Frank India highlights the evolving dynamics of Mumbai’s residential real estate market, with significant changes in buyer preferences and transaction volumes.
Mumbai Property Market Overview: May 2025 Performance
Property Registrations and Revenue Growth
May 2025 saw a dip of 4% in property registrations compared to the same month last year, dropping from 12,000 units in May 2024 to 11,565 units. Despite this, stamp duty revenue grew by 3% year-on-year, marking an increase from ₹1,034 crore in May 2024 to ₹1,062 crore in May 2025. This revenue surge is largely attributed to the higher volume of sales in the luxury property segment, where transactions above ₹5 crore accounted for a larger portion of total sales.
Shifting Dynamics: A Rise in Luxury Property Sales
In contrast to the decline in mid-market property sales (priced between ₹1 crore and ₹5 crore), sales in the high-end market (properties priced above ₹5 crore) saw a marked increase. These properties accounted for 7% of all registrations in May 2025, up from 5% in the previous year. This shift highlights growing buyer interest in luxury real estate, despite the overall market slowdown.
Ticket Size and Property Preferences: Trends in May 2025
Higher-End Market Grows
The high-end segment saw a notable rise in sales volume. The share of properties priced above ₹5 crore increased by 24% year-on-year, from 617 units in May 2024 to 765 units in May 2025. Meanwhile, the mid-priced categories, particularly those between ₹1 crore and ₹5 crore, experienced a decline in share, indicating a preference for more luxurious properties in the current market environment.
| Category | May 2024 (Units) | May 2025 (Units) | YoY % Change |
|---|---|---|---|
| Less than ₹1 crore | 5,118 | 5,129 | 0% |
| ₹1 to ₹2 crore | 3,959 | 3,681 | -7% |
| ₹2 to ₹5 crore | 2,306 | 1,990 | -14% |
| ₹5 crore and above | 617 | 765 | 24% |
Small Apartments Lead in Registrations
Apartments sized up to 1,000 sqft continued to dominate registrations, accounting for 83% of all transactions in May 2025, unchanged from the previous year. Among these, properties sized 500–1,000 sqft remained the most popular, comprising 44% of the total registrations. However, interest in larger homes is growing, with units in the 1,000–2,000 sqft category seeing a slight increase in share from 13% to 14%, and homes over 2,000 sqft seeing a rise from 2% to 3%.
| Area (sq ft) | May 2024 | May 2025 |
|---|---|---|
| Up to 500 | 39% | 39% |
| 500–1,000 | 45% | 44% |
| 1,000–2,000 | 13% | 14% |
| Over 2,000 | 2% | 3% |
Micro-Market Trends: Where Buyers are Focusing
Western Suburbs Continue to Dominate
The Western Suburbs maintained their dominance in Mumbai’s residential real estate market, capturing 57% of the total registrations in May 2025. Central Suburbs also saw slight growth, holding a 30% market share, while South Mumbai witnessed a marginal increase in share from 7% in May 2024 to 8% in May 2025.
| Micro-Market | May 2024 Share | May 2025 Share |
|---|---|---|
| Central Mumbai | 6% | 6% |
| Central Suburbs | 29% | 30% |
| South Mumbai | 7% | 8% |
| Western Suburbs | 57% | 57% |
Quotes from Experts
Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented, “The dip in property registrations in May 2025 can be attributed to slower sales in the ₹1–5 crore price segment. However, the luxury segment has continued to show strength, with high-value transactions driving revenue growth. On a year-to-date basis, Mumbai’s property market has seen a 24% increase in registrations and a 17% rise in revenue, demonstrating the ongoing resilience of the market.”
FAQ Section
1. How many property sales were registered in Mumbai in May 2025?
- Mumbai registered 11,565 property sales in May 2025.
2. What contributed to the rise in revenue despite a drop in property registrations?
- The rise in revenue was primarily due to an increase in sales for properties priced above ₹5 crore, which contributed more to the stamp duty collections.
3. Which price segments saw growth in May 2025?
- Properties priced above ₹5 crore saw a significant increase in sales, rising from 5% of total transactions in May 2024 to 7% in May 2025.
4. What is the most popular apartment size in Mumbai’s residential market?
- Apartments up to 1,000 sqft continued to dominate registrations, making up 83% of all transactions in May 2025.
5. Which micro-markets in Mumbai saw the highest property registration activity?
- The Western Suburbs remained the dominant market, accounting for 57% of the total registrations, followed by Central Suburbs with 30% and South Mumbai with 8%.