Mumbai city (under BMC jurisdiction) delivered its strongest housing market performance in 14 years in 2025, with property registrations reaching a high of 150,254 property registrations. Stamp duty collections rose in tandem, generating INR 13,487 crore in revenue, also a 14-year high, underscoring both volume-led strength and improving transaction values, according to Knight Frank India.

Momentum remained firmly intact through the year-end. In December 2025 alone, 14,447 properties were registered, contributing INR 1,263 crore to the state exchequer. This translated into a robust 16% year-on-year increase in registrations and an 11% YoY rise in stamp duty collections. On a sequential basis, December registrations surged 18%, while stamp duty revenues climbed sharply by 22%. Notably, December emerged as the second-strongest month of the year, surpassed only by March, when monthly registrations crossed the 15,000 mark, highlighting the sustained depth and consistency of Mumbai’s residential demand. Residential properties accounted for 80% of total registrations in December.

Shishir Baijal, International Partner, Chairman & Managing Director, Knight Frank India, said, “2025 marked a steady and mature phase for Mumbai’s housing market, with property registrations crossing 1.50 lakh, the highest level seen in the last 14 years. This milestone is a strong indicator of the underlying resilience and depth of the market, driven by sustained end-user demand and a far more supportive supply-side ecosystem. Rising stamp duty collections reflect a gradual improvement in per unit transaction values. This strength is reinforced by a significant improvement in affordability, with Mumbai now at 47%, a sharp correction from levels where EMIs once consumed as much as 97% of household income. This shift clearly demonstrates that, at the right price points and with the right product offerings, homebuyers in Mumbai are both willing and able to commit capital.”

Registration momentum in Mumbai continues to tilt toward the higher price brackets. Homes priced above INR 5 cr accounted for 7% of total registrations in December 2025, up from 6% a year earlier, reflecting demand in the luxury segment. Meanwhile, the less than 1 cr range saw its share decline as affordability challenges weighed on buyer sentiment in this bracket. The 2–5 cr range remained stable, while the share of properties worth INR 1 to 2 cr increased from 30% in 2024 to 32% in 2025.

Properties up to 1,000 sq ft continue to lead in registrations in December 2025

Units up to 1,000 sq ft contributed 82% of all registrations, in-line to last year. The 500–1,000 sq ft segment was the most preferred, striking a balance between affordability and usable space for end-users. Larger homes retained a niche buyer base, with 1,000–2,000 sq ft units edging up to 15% and share of apartments above 2,000 sq ft stood at 3%.

Western Suburb and Central Suburb account for 85% of the total market share in December 2025

The suburban markets continued to anchor activity. Western and Central Suburbs accounted for 86% of the total registrations in December 2025. The Western Suburbs led with 57%, while the Central Suburbs contributed 29%. In contrast, South Mumbai held at 7%, and Central Mumbai slipped to 7%.