Mumbai's residential real estate sector has achieved a significant milestone, recording its most robust performance in the last 14 years during 2025. The area under the Brihanmumbai Municipal Corporation (BMC) witnessed a historic surge in property transactions, signaling a mature and resilient market phase.
Record-Breaking Numbers in 2025
According to data from Knight Frank India, the calendar year 2025 saw property registrations in Greater Mumbai soar past the 1.5 lakh mark, a level not seen in over a decade. This impressive activity translated into substantial revenue for the state government, with stamp duty collections reaching a staggering Rs 13,487 crore.
The momentum was particularly strong in December 2025, which emerged as the second-strongest month of the year. During this month alone, 14,447 properties were registered, contributing Rs 1,263 crore to the state exchequer. This represented a sharp sequential jump of 18% in registrations and a 22% surge in stamp duty revenues compared to the previous month. On an annual basis, the full year 2025 saw a 16% year-on-year increase in registrations and an 11% rise in stamp duty collections.
Market Drivers and Segment Analysis
Shishir Baijal, Chairman and Managing Director of Knight Frank India, attributed this landmark performance to sustained end-user demand and a more supportive supply-side environment. He highlighted that the rising stamp duty collections point towards a gradual improvement in per-unit transaction values.
A key factor behind this boom is a dramatic improvement in affordability. Baijal noted that Mumbai's affordability ratio has corrected sharply to 47%, a far cry from the period when Equated Monthly Installments (EMIs) consumed up to 97% of an average household's income.
A deep dive into the December 2025 registration data reveals interesting trends:
- Residential properties dominated, accounting for 80% of all registrations.
- Homes priced above Rs 5 crore saw their share increase to 7%, up from 6% a year ago.
- The Rs 1-2 crore segment grew its share from 30% in 2024 to 32% in 2025.
- The sub-Rs 1 crore segment witnessed a decline in share, indicating affordability pressures for entry-level buyers.
- In terms of size, compact and mid-sized homes led the demand. Units up to 1,000 square feet constituted 82% of registrations, with the 500–1,000 sq ft category being the most preferred. Larger homes above 2,000 sq ft held a niche 3% share.
- Geographically, the western and central suburbs commanded a dominant 85% share of the market in December.
A Sign of Maturity and Resilience
The 2025 performance is being viewed by analysts as a strong indicator of the underlying depth and maturity of Mumbai's housing market. The consistent crossing of the 15,000-registration mark in peak months like March, and the sustained high volumes throughout the year, suggest a market driven by genuine need rather than speculation.
The combination of record registrations, healthy revenue generation for the state, and improved affordability paints a picture of a market that has successfully navigated past challenges. It enters a new phase where steady, end-user driven demand is expected to be the primary growth engine, setting a positive tone for the future of real estate in India's financial capital.
