MUMBAI — Mumbai’s real estate market recorded 15,603 property registrations in March, reflecting a 10.3% year-over-year (YoY) increase, according to data from the Inspector General of Registration (IGR) accessed by Knight Frank India and published by the Hindustan Times.
Stamp duty collections surged 45% YoY to ₹1,597 crore, marking the highest monthly revenue on record, largely driven by high-value transactions.
On a month-over-month (MoM) basis, property registrations increased 29%, while stamp duty collections jumped 71%, making March 2025 the most active month in the past year. The surge underscores strong homebuyer sentiment, economic stability, and large-scale infrastructure development. Residential transactions accounted for 80% of all registrations.
The impact of premium real estate was evident in daily stamp duty collections, which climbed from ₹35 crore in April 2024 to ₹52 crore in March 2025. Despite stable registration volumes, the revenue uptick highlights a shift toward high-end properties. Daily property registrations also rose from 388 units in April 2024 to 503 units in March 2025.
For the financial year 2024-25 (April 2024 – March 2025), property registrations increased 9% YoY, while stamp duty revenue grew 22%. The period recorded 143,948 property registrations, up from 132,272 in the previous fiscal year. The sustained demand for premium real estate further cemented Mumbai’s status as a high-value property market.
“Mumbai’s real estate market has once again demonstrated its resilience, closing the financial year with substantial stamp duty collections and consistent growth in high-value transactions,” said Shishir Baijal, chairman and managing director of Knight Frank India. He added that property registrations grew 9% YoY, while stamp duty collections rose 22% YoY in FY 2024-25.
A quarter-on-quarter comparison underscores this momentum. In Q1 2025 (January–March), property registrations rose 22% compared to Q1 2024, while stamp duty revenue grew 27% YoY. Demand for premium homes remains robust, driven by buyer confidence and economic stability. The anticipated easing of interest rates in the coming months is expected to further bolster sentiment.
March 2025 also saw a shift toward higher-value properties. The share of registrations for units priced at ₹2 crore and above increased from 17% in March 2024 to 19% in March 2025, totaling 2,924 transactions. Meanwhile, properties priced below ₹50 lakh saw a decline in registrations, from 30% to 28%, reinforcing the growing demand for premium homes.
Apartments up to 1,000 square feet continued to dominate registrations, but demand for larger homes increased. Units between 1,000 and 2,000 square feet saw their market share rise from 8% to 13%, while properties over 2,000 square feet remained stable at 1%. Conversely, registrations for smaller units (up to 500 square feet) declined from 48% to 38%, reflecting a shift toward more spacious living arrangements.
The Western and Central Suburbs continued to lead Mumbai’s real estate market, accounting for 78% of total transactions. However, the Central Suburbs saw the most significant growth, increasing their share from 29% to 34%. Meanwhile, the Western Suburbs experienced a decline, dropping from 55% to 44%, highlighting increased supply and growing buyer interest in emerging locations.
As Mumbai’s real estate sector continues to evolve, the sustained momentum in high-value transactions and a preference for larger homes indicate a strong and resilient market.
For the financial year 2024-25, Mumbai recorded 143,948 property registrations, up from 132,272 in the previous year. The 22% YoY rise in stamp duty collections underscores the increasing preference for high-ticket transactions. The city’s property market remains buoyant, supported by economic stability and infrastructure development.
Additionally, a notable shift was observed in March 2025, with properties priced at ₹2 crore and above comprising 19% of registrations, up from 17% the previous year. Meanwhile, transactions for units below ₹50 lakh dropped from 30% to 28%, reflecting a move toward premium homes.
The momentum is expected to continue in the coming months, with the anticipated easing of interest rates likely to further drive homebuyer demand.