In an unexpected turn, Mumbai’s real estate market has defied global economic challenges and posted historic numbers in property registrations during the first four months of 2025. Despite broader concerns like inflationary pressures and geopolitical tensions, Mumbai has once again proven to be one of India’s most resilient and dynamic property markets.
Over 52,000 Properties Registered in Four Months
According to data from the Maharashtra State Revenue Department, Mumbai saw 52,896 property registrations between January and April 2025, an 8% increase from the same period last year. In 2024, the city recorded 48,819 registrations over these four months.
What’s more striking is the revenue generated, which reached an impressive Rs 4,633 crore, up by 21% compared to Rs 3,836 crore in 2024. This kind of performance in a period where the global property market has generally been cautious is noteworthy.
April 2025 Breaks Five-Year Record
April stood out as a landmark month. With 13,080 property registrations, it became the most active month for property deals in Mumbai since 2019. The month alone contributed around Rs 1,115 crore in revenue, representing not just a 12% rise in the number of registrations compared to April 2024, but also a 5% increase in revenue collected year-on-year.
This spike is particularly remarkable when placed in the context of lower housing sales in the broader Mumbai Metropolitan Region (MMR) during Q1 2025.
What’s Driving the Surge in Registrations?
Several factors have contributed to this record-setting start to the year.
1. Rush to Beat the Ready Reckoner Rate Hike
One of the primary reasons behind the March-April spike in property registrations was the anticipation of an increase in ready reckoner rates—the government-determined prices used for calculating stamp duty. With a 3.9% hike announced for FY2025-26, many buyers rushed to finalize transactions before the new rates came into effect. March alone saw a staggering 15,501 property registrations as buyers moved quickly to lock in lower rates.
2. Stable Interest Rates and Buyer Sentiment
Despite global uncertainties, domestic interest rates have remained relatively stable, allowing homebuyers in Mumbai to proceed with purchases without facing drastically higher EMIs. This stability, combined with the psychological trigger of upcoming price hikes, pushed many fence-sitters into action.
3. Mumbai’s Consistent Investment Appeal
Even with a slight slowdown in home sales—Q1 2025 recorded around 21,930 units sold in Mumbai, about 28% less than in Q1 2024—Mumbai continues to be a preferred destination for real estate investment. The registration numbers suggest that while new project sales may be down, secondary market activity and finalizations of ongoing deals have remained strong.
What Does This Mean for Mumbai’s Real Estate Outlook in 2025?
The impressive start to the year hints at a potentially strong 2025 for Mumbai’s real estate sector, especially in terms of government revenue and transaction activity. While price-sensitive segments may experience headwinds due to rising construction costs and taxes, the city’s premium and mid-segment markets are expected to remain robust.
If the current momentum holds, it’s likely that Mumbai will not only surpass last year’s property registration numbers but also set new benchmarks in overall revenue collection from real estate transactions.
