Mumbai’s real estate market capped off FY 2024–25 on a robust note, clocking over 15,603 property registrations in March 2025, a 10.3% year-on-year (YoY) increase, according to data from the Inspector General of Registration (IGR) accessed by Knight Frank India.

Stamp duty collections for the month touched Rs 15.97 billion, the highest ever recorded in a single month, reflecting a 45% YoY surge. The record-breaking revenue was primarily driven by a notable rise in high-value property transactions and sustained demand for premium homes.

On a month-on-month (MoM) basis, March saw property registrations rise by 29%, while stamp duty collections jumped 71%, making it the most active month for Mumbai’s real estate market in the past year. Residential properties accounted for 80% of the total registrations in March, underscoring the strong sentiment among homebuyers.

The daily stamp duty collections grew from ?35 crore in April 2024 to ?52 crore in March 2025, while daily property registrations rose from 388 to 503 units during the same period, reinforcing the trend of increased traction in the mid-to-premium housing segments.

For the entire financial year FY 2024–25, Mumbai recorded 143,948 property registrations, marking a 9% YoY growth compared to 132,723 registrations in the previous fiscal. Stamp duty collections for the year increased by 22%, further validating the market’s shift towards higher-value transactions.

Here is what real estate industry leaders have to say:

Prashant Sharma, President, NAREDCO Maharashtra: “The consistent rise in Mumbai’s property registrations, surpassing the 15,000 mark in March 2025, is a strong testimony to the city’s enduring real estate appeal. The 10.3% YoY growth in registrations and a remarkable 45% surge in stamp duty collections reflect both the growing aspiration for homeownership and the significant momentum in premium housing. This performance, driven by stable economic conditions, robust infrastructure development, and growing confidence in the market, reaffirms that Mumbai continues to lead India’s real estate transformation. We expect this momentum to accelerate further with anticipated interest rate easing and continued government push for urban infrastructure.”

Shraddha Kedia-Agarwal, Director, Transcon Developers: “The impressive growth in property registrations and stamp duty collections in March 2025 clearly indicates a shift in buyer sentiment towards quality living and long-term investment. With a rise in transactions for high-value homes and an increasing preference for larger apartments, it’s evident that homebuyers are prioritizing comfort, lifestyle, and future-ready infrastructure. We have seen a similar uptick in demand across our premium developments, especially in well-connected suburban micro-markets. This data underlines the growing maturity of Mumbai’s real estate market.”

Nishant Deshmukh, Founder and Managing Partner, Sugee Group:“The March 2025 property registration numbers is a reflection of Mumbai’s real estate strength and the increasing buyer confidence in long-term investments. A 22% YoY growth in stamp duty collection for the full financial year clearly shows an upswing in high-value transactions, and we’re witnessing this trend across premium micro-markets including Central Suburbs. The rise in demand for larger homes is particularly encouraging, as it reinforces the growing preference for spacious living in the city’s evolving urban fabric. Our projects have been strategically positioned to cater to this very need, and the market response has been very encouraging.”

Samyak Jain, Director, Siddha Group: “Mumbai’s increased property registration numbers and rising demand for spacious apartments are indicative of a strong, evolving housing market. The surge highlights the aspirational shift of today’s homebuyer, who is now more inclined toward investing in premium, well-located properties. We have always believed in offering value with design, and the current trend validates the need for thoughtfully designed homes that align with changing lifestyle aspirations.”