Mumbai’s property market is showing signs of strain, with August registrations slipping 11.33% month-on-month and 3.51% year-on-year, according to data from Maharashtra’s Inspector General of Registration and Controller of Stamps (IGRCS).

The dip, coming on the heels of fresh US tariffs on Indian goods and services, has raised concerns of a deeper slowdown, particularly in the affordable housing segment already under stress since the pandemic.

Real estate experts say there could be a further fall in sales if India does not manage to get the US tariffs rolled back. Donald Trump has levied a 50% tariff and 1% penalty on several Indian goods and services, which is anticipated to have an adverse impact on the Indian economy, including a potential increase in unemployment levels. The tariffs came into effect from August 27.

The IGRCS statistics show that in August 2025, 11,230 property sale documents were registered as compared to 12,579 in July, an 11.33% month-on-month dip. In terms of revenue, this works out to ₹1,000.46 crore in August as against ₹1,123.03 crore in July.

When the figures are compared year on year, in August 2024, 11,632 sale agreements were registered with the government, with the state coffers bagging ₹1,061.65 crore. This is 5.76% revenue less than this year despite the Maharashtra government increasing ready reckoner rates across the state from April 1, 2025.

The granular details of the registrations show that 80% of all registrations in August 2025 were of residential properties. Meanwhile, the suburban markets continued to anchor sales momentum, with the western and central suburbs together comprising 86% of the August registrations. The western suburbs led with 54%, while the central suburbs contributed 32%. South Mumbai was 1% up from last August’s figure of 6% while Central Mumbai slipped from 11% to 7% this year.

The mounting trade tensions between India and the United States after the imposition of the 50% tariff, if not negotiated into moderation, will massively impact many critical, yet vulnerable sectors that drive India’s affordable housing segment. “The category of homes priced at ₹45 lakh or less was already gravely hit by the Covid-19 pandemic and is still struggling to find any semblance of firm ground. Trump’s mercenary tariffs will snuff out even the dimmest ray of hope for this segment,” said Dr Prashant Thakur, executive director, Research & Advisory, ANAROCK Group.

A builder said that what his community feared, apart from a fall in sales, was default in payment and cancelled bookings if there was a rise in unemployment levels. “We will have to be innovative in our marketing strategy as well as sensitively consider such cancellations on a case-to-case basis by providing some flexibility in payment plans,” he said.

Shishir Baijal, chairman & MD of Knight Frank India, however, claimed that Mumbai’s housing market had remained consistent in 2025, with monthly registrations staying above 11,000 and revenue collections crossing ₹1,000 crore.