Mumbai records over 12,000 property transactions in April 2025, up 4%; stamp duty revenue drops 6% to ₹990 crore

Mumbai is on track to record over 12,142 property registrations in April 2025, marking a 4% increase from 11,648 registrations in April 2024, according to data accessed from Maharashtra’s Department of Registrations and Stamps (IGR).

Despite the rise in transactions, stamp duty collections have declined by 6% year-on-year, falling from ₹1,058 crore in April 2024 to ₹990 crore in April 2025, Knight Frank said in its an.

The Maharashtra government had announced an average 3.89% hike in ready reckoner rates effective April 1 for the financial year 2025–26, following a two-year gap. This revision has made property registration more expensive and may have influenced revenue trends.

Residential demand remains the primary driver of the market, with 80% of April’s registrations attributed to residential properties. This underscores sustained end-user interest in the housing segment, according to an analysis by Knight Frank India.

March 2025 also saw a notable shift in buyer preferences. The share of registrations for properties priced at ₹2 crore and above increased from 22% in April 2024 to 25% in April 2025, totalling 3,010 transactions. Meanwhile, share of registrations for properties priced below ₹50 lakh remained flat at 14%, it said.

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

Apartments up to 1,000 sq ft continued to lead in registrations, with larger homes gaining traction. Units ranging from 1,000 to 2,000 sq ft maintained a steady share of 14%, while those exceeding 2,000 sq ft held firm at 3%, underscoring a sustained preference for larger living spaces.

Western Suburb and Central Suburb account to 86% of the total market share

The Western and Central Suburbs remained the dominant real estate hubs, accounting for 85% of the total market share. However, both Central and South Mumbai witnessed an uptick in share of property registrations by 1%. This shift reflects both rising supply and increased buyer interest in emerging locations.

“Property registrations in April 2025 have touched a 13-year high for the month, with over 12,142 units recorded. This performance, backed by a 4% YoY growth, also highlights the growing preference for premium homes. Properties priced above ₹2 crore now account for 25% of total registrations, up from 22% a year ago. With the RBI having reduced the policy repo rate by a cumulative 50 basis points, timely transmission by banks will be essential to enhance affordability and strengthen homebuyer sentiment. As infrastructure upgrades reshape the city and aspirations continue to evolve, supportive financial conditions will be key to sustaining market momentum,” said Shishir Baijal, chairman and managing director, Knight Frank India.