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Mumbai property transactions in April 2025 experienced a respectable year-on-year (YoY) increase of 4%, reaching more than 12,000 registrations, up from 11,648 in April 2024. This continued increase shows that Mumbai has sustained some momentum with its real estate purchases despite a flat 6% rate decrease in stamp duty revenue to ₹990 crores from ₹1,058 crores, according to the data released by Maharashtra's Department of Registrations and Stamps (IGR).
Key Drivers Behind the Rise in Mumbai Property Transactions
A few factors have driven the increase in Mumbai property transactions:
- Residential Demand: Residential remains the main driver of transactions, as the residential sector accounted for 80% of total registrations in April. This indicates the continued interest of end-users in the housing market.
- Shift Towards Premium Properties: Registrations for properties priced at two crore rupees and more grew from 22% of registrations in April 2024 to 25% of registrations in April 2025 with a total of 3,010 transactions - while participation in registration for properties priced below ₹50 lacks was steady with a 14% share.
- Preference for Larger Units: Apartments up to 1,000 sq ft make up the bulk of registrations, but larger homes up to 2,000 sq ft and homes of 2,000 sq ft or more with a steady share at 14% and 3%, respectively. Demonstrating a shift toward larger living spaces.
- Government Policies: The Maharashtra government affected registration costs through its 3.89% increase in ready reckoner rates, which came into effect on April 1, 2025. The continued activity is a good indication that the sector remains resilient, and clearly, there is buyer activity.
Also Read: Top Nine Cities Witness Surge in Home Deliveries to Over 4 Lakh Units, Delhi-NCR Faces a Dip
Revenue Decline Amid Increased Registrations
As property activity boomed in Mumbai, stamp duty receipts plummeted 6% from ₹1,058 crore in April 2024 to ₹990 crore in April 2025, which could be attributed to the following factors:
- Policy changes: The hike in ready reckoner rates translated into increased registration costs, which could impact receipts.
- Market considerations: Although an increasing number of transactions occurred, the decline in receipts may indicate that buyers preferred lower-end properties or were able to utilize the exemptions and incentives effectively.
Suburban Dominance in Mumbai Real Estate
Mumbai's Western and Central Suburbs dominated property registrations, capturing 85% of the market share. Central and South Mumbai also reported a 1% rise in their shares of registrations, reflecting increased interest in emerging locations. This shift highlights:
- Improved Infrastructure: Ongoing infrastructure upgrades have enhanced connectivity and accessibility, boosting suburban appeal.
- Diverse Offerings: A broad range of property options catering to various budget segments.
Insights from Industry Experts
Shishir Baijal, Chairman and Managing Director of Knight Frank India, remarked, "April 2025 has recorded the highest property registrations for this month in 13 years, with over 12,142 units. The 4% YoY growth reflects a growing preference for premium homes, with properties priced above ₹2 crore accounting for 25% of total registrations. The recent repo rate cuts by the RBI are expected to improve affordability and buyer sentiment further. As infrastructure upgrades continue and aspirations evolve, supportive financial conditions will be crucial to maintaining market momentum."
The Way Forward
Mumbai property transactions in April 2025 exemplify the resilience of the city's real estate market, driven by strong residential demand, premium property interest, and ongoing infrastructure enhancements. To sustain this momentum:
- Bank's timely transmission of repo rate cuts will be essential to improve affordability.
- Continued government support and incentives can further boost buyer confidence.
- Addressing challenges in revenue generation and balancing policy impacts will be critical.
The robust performance in Mumbai property transactions reaffirms the city's position as a dynamic real estate hub, setting the stage for continued growth in the coming years.
Also Read: MahaRERA's Enhanced Project Portal Ready for Launch on May 5
Conclusion
The robust performance in Mumbai property transactions reaffirms the city's dynamic real estate hub position. Despite the dip in stamp duty revenue, the sustained demand for residential properties, particularly in the premium segment, reflects strong buyer confidence. With ongoing infrastructure developments and supportive financial policies, Mumbai's real estate sector is well-positioned for continued growth in the years ahead.
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Ans 1. Over 12,000 property transactions were registered in April 2025, marking a 4% year-on-year increase compared to April 2024.
Ans 2. Residential properties accounted for 80% of the total registrations in April 2025, highlighting the strong demand for housing.
Ans 3. The 6% dip in stamp duty revenue, despite a rise in transactions, may be due to: Buyers preferring lower-end properties. Effective utilization of exemptions and incentives. Policy changes, such as increased ready reckoner rates.
Ans 4. Properties priced above ₹2 crore accounted for 25% of total registrations, up from 22% in April 2024, showing a growing interest in premium homes.
Ans 5. The Western and Central Suburbs dominated with 85% of market share, followed by a slight increase in Central and South Mumbai.
Ans 6. Improved connectivity and accessibility from ongoing infrastructure upgrades have boosted the appeal of suburban areas and emerging locations.
Ans 7. Policies like a 3.89% increase in ready reckoner rates influenced registration costs. The market's resilience amid these changes reflects strong buyer activity.
Ans 8. Apartments up to 1,000 sq ft dominated registrations, while larger units of up to 2,000 sq ft and above maintained a steady share of 14% and 3%, respectively.