Mumbai — While most major Indian cities saw housing sales falter in the first half of 2025, Mumbai’s real estate market bucked the trend by recording its highest-ever property registrations and government revenue collections. Amid global economic pressures and geopolitical uncertainties like the Iran-Israel conflict, India’s financial capital displayed unwavering momentum, particularly in the high-value housing segment and emerging micro-markets.
According to the Maharashtra State Revenue Department and data from the Inspector General of Registration (IGR), Mumbai saw 75,672 property registrations between January and June 2025, up 4% from 72,491 in H1 2024. This surge pushed government revenue collection to ₹6,699 crore, a 14% increase compared to ₹5,874 crore collected in the same period last year.
June 2025 alone recorded 11,211 registrations, making it the second-highest June tally in six years, generating ₹1,004 crore in revenue. Although the number of registrations dipped 4% from June 2024, revenue held steady—only 1% lower than the previous year—demonstrating the sector’s resilience despite fewer transactions.
A Paradox: Fewer Sales, Strong Registrations
Nationally, housing sales declined sharply in H1 2025, with ANAROCK Research reporting a 32% drop across India’s top 7 cities—totaling 1,89,570 units sold. Mumbai Metropolitan Region (MMR) followed suit, witnessing a 34% decline in units sold, from 84,465 in H1 2024 to 62,890 in H1 2025. However, property registration numbers in Mumbai remained strong due to a crucial market trigger.
March 2025 played a pivotal role, with 15,501 property registrations, the highest in three years, driven by buyers rushing to beat a 3.9% hike in Maharashtra’s ready reckoner rates for FY26. This record-breaking month alone generated over ₹1,589 crore in registration revenue, echoing similar surges witnessed during past stamp duty incentives.
Premium Segment Drives Market Stability
The average ticket size of homes registered in H1 2025 rose to ₹1.60 crore, a 3% jump from ₹1.56 crore in 2024 and a massive 55% increase from ₹1.02 crore in 2021. The market continues to lean toward premium properties, with high-end buyers and investors dominating activity, even as the affordable segment remains muted.
Developer Activity and Peripheral Growth
Despite slower sales, major developers remain bullish on Mumbai. DLF recently received MahaRERA approval for its first Mumbai project, The WestPark in Andheri West, under the Slum Rehabilitation Authority (SRA) scheme, with apartments priced between ₹5.5 and ₹7.5 crore.
Tribeca Developers’ CEO Rajat Khandelwal emphasized the city’s growing appetite for lifestyle-led living, citing the launch of Trilive, a pre-leased serviced apartment venture in partnership with Housr, aimed at young professionals.
Meanwhile, satellite regions like Alibaug are gaining traction as serious investment destinations. NeoLiv CEO Mohit Malhotra noted that improved connectivity through the upcoming Navi Mumbai International Airport and the Mumbai–Alibaug Expressway is transforming the area into a sought-after extension of Mumbai’s urban sprawl.
Market Outlook
With 96,285 housing units sold across top 7 cities in Q2 2025—a modest 3% rise over Q1—experts remain cautiously optimistic. Mumbai continues to outperform peers thanks to strong infrastructure pipelines, policy-driven urgency, and a vibrant premium housing segment.
Despite headwinds, the city’s property market is evolving rapidly, reaffirming Mumbai’s stature as India’s most resilient and investor-friendly real estate destination.
Also read, MahaRERA Begins Statewide Verification of Occupancy Certificates to Prevent Real Estate Fraud
Source: Fortune India, Zeebiz
