According to Knight Frank India, while property registrations in the Mumbai real estate market have moderated, signs of stabilisation are emerging. The market saw a 4 per cent Year-on-Year (YoY) decline in registrations, with 11,541 properties registered in February 2025, compared to 12,056 in the same period last year, based on data from the Maharashtra Inspector General of Registration (IGR).

Nevertheless, stamp duty collections remained steady in February 2025, reaching Rs 8.96 billion (bn), which is almost identical to the Rs. 8.85 bn collected in February 2024. On a month-on-month comparison, January 2025 saw 12,249 properties registered, with stamp duty collections totalling Rs 9.94 bn.

Mumbai's residential market has experienced significant shifts in micro-market preferences. The central suburbs saw the largest increase in market share, rising from 29 per cent in January 2024 to 33 per cent in January 2025. Central Mumbai and South Mumbai also saw growth, with their market shares increasing to 11 per cent.

Here is what real estate industry leaders have to say on the registrations numbers in February 2025.

Prashant Sharma, President, NAREDCO Maharashtra: ""The Mumbai real estate market is entering a phase of stability, which is a positive sign for long-term growth. The consistency in stamp duty collections highlights the market's resilience and enduring strength. As developers, we are confident in the continued potential of Mumbai’s real estate sector, especially with the rising demand for high-end residential properties and a clear shift toward more spacious homes.""

Shraddha Kedia-Agarwal, Director, Transcon Developers: ""The Mumbai real estate market continues to show strong growth potential despite a slight dip in registrations. We’ve observed a shift towards larger residential units, reflecting the growing preference for more spacious living in the city. This trend aligns with evolving consumer preferences, and we are focused on meeting these demands with our upcoming projects.""

Rohan Khatau, Director, CCI Projects: ""The moderation in property registrations, alongside stable stamp duty collections, reflects the maturity and resilience of Mumbai’s real estate market. We are witnessing a clear shift in buyer preferences toward larger homes and a growing demand for properties in suburbs. At CCI Projects, we are well-positioned to meet these evolving needs by offering thoughtfully designed, spacious living spaces that align with the aspirations of modern homebuyers.

Samyak Jain, Director, Siddha Group: ""The shift in Mumbai’s property market, particularly the growing demand for larger residential units, is an encouraging sign for the sector. The strong performance signals continued growth. We are excited about the opportunities this evolving trend presents and look forward to contributing to the future growth of Mumbai’s real estate market.