Mumbai records highest January property registrations in 13 years | representative pic
Mumbai: Mumbai city is projected to close January 2025 with over 11,773 registrations, generating more than Rs 952 crore in stamp duty revenue for the state. While this represents a 7.3% increase in registrations compared to January 2024, it’s the highest January registration count in 13 years, Knight Frank said in its report. Strong stamp duty collections, up 25% year-on-year and a 13-year January high, reflect a rise in high-value transactions.
This surge in activity indicates a strong demand for property in the city, driven by factors such as positive homebuyer sentiment, steady economic conditions, and large-scale infrastructure development. Residential properties continued to dominate, comprising 80% of all registrations in the preceding month of December.
Sequentially, property registrations decreased by 5% in January, and revenue collections dipped by 16%. However, this decline is largely attributed to a seasonal dip typically observed in January. Historically, both property registrations and revenue collections have shown a dip in January compared to the preceding December.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said “Mumbai’s residential market entered 2025 with strong momentum, with January 2025 witnessing a year-on-year rise in registrations. While the month’s registration volumes were the highest for any January on record, a sequential decline in both registrations and revenue collection was observed. This may not be considered alarming as historically January has seen a month-on-month decline over the previous month, however, one should watch the space keenly. Notably, data indicates sustained strength in the premium segment.”
Baijal further said, “Steady economic activity and potential interest rate adjustments are expected to further support the market throughout 2025, creating a favourable environment for homebuyers. Continued government support, particularly in infrastructure development, will be critical in sustaining this positive trajectory. Stakeholders are also keenly anticipating the upcoming budget, hoping for policy measures that will further strengthen the real estate sector.”
The Mumbai property market witnessed a notable shift in buyer preferences in January 2025. The share of registrations for properties priced at Rs 2 crore and above increased from 16% in January 2024 to 19% in January 2025, indicating a growing demand for premium real estate.
This segment saw a total of 2,298 transactions in January 2025. Conversely, registrations for properties valued under Rs 50 lakh declined from 31% to 28% during the same period, suggesting a clear shift in buyer preferences towards higher-value segments.
Apartments measuring between 1,000 and 2,000 square feet gained popularity in January 2025, with their share of registrations increasing from 8% to 13%. While the share of apartments exceeding 2,000 square feet remained stable at 1%. Smaller units up to 500 square feet saw a significant decline in registrations, falling from 48% to 38%. This shift indicates a growing preference for more spacious homes in the Mumbai property market.
Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd, said, “The January sales data indicates the demand for quality housing. In my view, it will continue to reign in the financial capital, with an inclination towards the mid-segment and luxury segment, driven by strong economic tailwinds and robust per-capita growth. In tandem with this, a colossal infra-connectivity transformation, such as the coastal roads and metro lines on both the eastern and western peripheries, has redefined the essence of commuting through the city.”
“This has opened a plethora of housing opportunities in micro-markets like the Sion and Ghatkopar belt in the eastern suburbs, the Andheri-Borivali belt in the northern suburbs, and the Wadala-Sewri belt in the southern part of Mumbai. The demand dynamics for real estate will continue to stay strong and flourish. Mumbai is currently undergoing a massive facelift with societal redevelopments, and we are confident that industry sales will record new highs this year,” Ajmera added.
