Even as housing sales across most major cities declined sharply in the first half of 2025, Mumbai’s property market defied the trend, recording its highest-ever property registrations and revenue collection in the first half of the year. Despite global and domestic headwinds, including geopolitical tensions like the Iran-Israel conflict, the city’s registration activity remained strong, showing sustained demand, especially in high-value segments, and growing interest in emerging micro-markets.

According to the Maharashtra State Revenue Department, property registrations and revenue collection in Mumbai reached all-time highs between January and June 2025. Data from the Inspector General of Registration (IGR) shows Mumbai recorded 75,672 property registrations as of June 30, up 4% from 72,491 in H1 2024. Revenue collection rose to ₹6,699 crore, a 14% increase over ₹5,874 crore collected during the same period last year.

"June 2025 saw Mumbai notch up its second-highest property registrations for the month in six years, with 11,211 properties changing hands and revenue collections hitting INR 1,004 crore. While registrations dipped slightly, about 4% lower than June 2024’s 11,673 deals, this year’s revenue held firm, matching almost last year’s figure. June 2025’s revenue was just 1% lower than last year, highlighting the market’s resilience despite a marginal drop in transactions. Mumbai’s real estate continues to deliver strong numbers, even as the pace has cooled a bit," says Anuj Puri, Chairman, ANAROCK Group.

Paradox of Subdued Sales but High Registrations

The surge in property registrations comes at a time when the real estate market is seeing a slowdown in overall sales. According to ANAROCK Research, India's top 7 cities saw about 1,89,570 units sold in H1 2025, a steep 32% drop from the same period last year. The trends show a similar trajectory in MMR as well. Even as overall housing sales across MMR, including Mumbai City, remained subdued in early 2025, property registrations remained stable. MMR saw about 62,890 units sold in the first half of this year compared to 84,465 units in the same period last year, a 34% decline. Yet, registration numbers remained strong.

So what explains this seeming paradox is a record-breaking March, says Puri. "After the announcement of a 3.9% hike in Maharashtra’s ready reckoner rates for FY26, buyers rushed to register properties, resulting in 15,501 registrations—the highest March tally in three years. For perspective, only December 2020 (19,581) and March 2021 (17,728) saw higher numbers, both during the COVID-era stamp duty cut. March is always a hot month for registrations, but March 2025 was exceptional, raking in over ₹1,589 crore in revenue from property registrations alone."

Data from January to June 2025 shows that the average ticket size of homes sold stood at ₹1.60 crore, a little over 3% higher than ₹1.56 crore in 2024. In the same period in 2021, the average was ₹1.02 crore, reflecting a 55% rise since then. The market continues to see more sales in higher-price segments compared to affordable housing.

Muted Sales but Stakeholders Upbeat

Mumbai, being the financial capital of the country, has always attracted major players. Recently, DLF, India's one of the biggest real estate players, also secured MahaRERA approval for its first residential project in Andheri (West), to be developed under the Slum Rehabilitation Authority (SRA) scheme in partnership with Trident Realty. Phase 1 of the project, marketed as The WestPark, includes 416 apartments across four towers, expected to be priced between ₹5.5 crore and ₹7.5 crore.

Rajat Khandelwal, Group CEO, Tribeca Developers, says Mumbai remains India’s most active real estate market, supported by infrastructure projects like the Coastal Road and Trans Harbour Link. "After the success of The Edge, we launched Trilive, a branded, pre-leased serviced apartment project in Andheri with Housr, offering a new asset class personalised to young professionals seeking flexibility and lifestyle. The surge in launches reflects not oversupply, but the city’s deep and growing demand. For developers who understand Mumbai’s rhythm, the opportunity is unmatched," Khandelwal tells Fortune India.

While Mumbai remains a key market for high-end buyers, nearby locations are also attracting developer attention. Mohit Malhotra, Founder & CEO, NeoLiv, tells Fortune India that Mumbai continues to draw homebuyers and investors, but with the city’s core areas becoming denser, locations like Alibaug are gaining traction. "Combining proximity to Mumbai with natural surroundings and improved quality of life, Alibaug is positioning itself as a promising destination for real estate investment. Its appeal has grown due to improved connectivity, including the upcoming Navi Mumbai International Airport and the Mumbai-Alibaug Expressway, which have reduced travel time from the city."

Around 96,285 units were sold in Q2 2025 across the top 7 cities, a quarterly increase of 3% over Q1 2025. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 90% sales in the quarter. Annually, the top 7 cities recorded a 20% sales decline.