Mumbai city (under BMC jurisdiction) registered sales of 11,565 property in May 2025, contributing Rs 10.62 billion to the state’s revenue. While property registrations declined by 4 per cent year-on-year (YoY) in May 2025, stamp duty collection witnessed a rise of 3 per cent during the same period. This uptick in revenue is attributed to a rise in transactions in the Rs 50 million and above segment. The market continues to be driven by residential demand, with 80 per cent of all registrations in the month attributed to residential properties.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, stated, “In May 2025, Mumbai residential market saw a 4 per cent Y-o-Y decline in property registrations, as properties priced between Rs 10–50 million recorded a slowdown in sales momentum.  However, this dip did not impact the revenue collection, owing to higher sales velocity for properties priced above Rs 50 million.  On a year-to-date basis, Mumbai recorded a 24 per cent Y-o-Y increase in registrations, totalling 64,461 properties, and a 17 per cent rise in revenue, with stamp duty collections exceeding Rs 56.96 billion.”

May 2025 saw a clear divergence in buyer activity, with growth concentrated at the higher ends of the price spectrum. Registrations for properties priced above Rs 50 million increased from 5 per cent in May 2024 to 7 per cent in May 2025. In contrast, the mid-priced segments, particularly those between Rs 10 to 50 million, witnessed a decline in share.