By Arosh John – Founder, John Real Estate (MahaRERA Reg. No. A51700001835) & Editor-in-Chief, Thane Real Estate News (TREN)
Thane–MMR | December 2025
Mumbai’s residential market has delivered one of its strongest November performances in over a decade. At the same time, the very data that confirms this strength also highlights a deepening affordability squeeze for mid-income homebuyers.
Second-Highest November for Registrations
Based on data from the Inspector General of Registration (IGR) Maharashtra, compiled and analysed by Knight Frank India, the Mumbai municipal corporation (BMC) area recorded 12,219 property registrations in November 2025.
Key highlights:
- 20% year-on-year growth in registrations versus November 2024
- Around 5% month-on-month growth over October 2025
- Stamp duty collections of about ₹1,038 crore, up roughly 12% year-on-year
This makes November 2025 the best November since 2013 and the second-highest November ever for Mumbai’s property registrations.
From January to November 2025, Mumbai has recorded approximately 1,35,800+ registrations, contributing over ₹12,200 crore in stamp duty to the state exchequer. On a year-to-date basis, registrations are up by around 5%, and stamp duty revenue is higher by roughly 11% compared to the same period last year.
In simple terms, Mumbai is now operating at a structurally higher base of monthly transaction activity, not just experiencing a one-off spike.
Maharashtra Sees Broad-Based Strength
The buoyancy is not limited to the island city and its immediate suburbs. Wider IGR Maharashtra numbers, as interpreted by market analysts, indicate that Maharashtra as a whole saw healthy double-digit year-on-year growth in registrations in November 2025.
For policymakers and developers, this is an important signal: home-ownership appetite remains intact even in a higher price environment, though the composition of demand is clearly evolving.
Residential Dominates, but Ticket Sizes Have Shifted Up
Within Mumbai’s registration mix, residential transactions continue to dominate, forming the bulk of November’s deals. The critical shift is visible in the price bands:
- Sub-₹1 crore:
The share of registrations in this bracket has declined compared to last year, despite the city’s large mid-income base. - ₹1–2 crore:
This band has emerged as the single largest slice, now accounting for around one-third of all registrations. It is effectively becoming Mumbai’s new mid-market core. - Above ₹5 crore:
This segment now contributes around 7% of registrations (up from roughly 5% a year ago), underscoring continued depth at the luxury and upper-luxury end.
In parallel, compact to mid-sized apartments (up to ~1,000 sq. ft.) still dominate unit sizes. Buyers are paying higher ticket values without a proportionate increase in space, reinforcing pressure on affordability in per-square-foot terms.
Micro-Market Split: Suburbs Carry the Volume
Knight Frank’s analysis of November 2025 data shows that demand remains concentrated in the suburban corridors:
- Western Suburbs:
Command the highest share (approx. 56%), driven by redevelopment, new launches and upgrade demand. - Central Suburbs:
Form the second-largest contributor (approx. 29%), supported by relatively better affordability and improving connectivity. - South & Central Mumbai:
Account for a smaller share by volume, but represent a disproportionately high share of value due to significantly higher ticket sizes.
Thane, Navi Mumbai and the broader MMR are not included in these “Greater Mumbai” figures, yet they remain central to the regional demand story as many buyers migrate to these corridors for better affordability and larger usable space.
Affordability Emerges as the Core Structural Risk
Recent research and brokerage commentary around the same IGR data highlight a consistent message: affordability is now the core structural risk in the Mumbai–MMR residential cycle.
Key pressure points:
- Prices vs incomes:
Property prices have outpaced income growth for many salaried households, especially in the ₹80 lakh–₹1.5 crore bracket. - Displacement effect:
The shrinking share of sub-₹1 crore transactions indicates that buyers are increasingly getting priced out of core locations or pushed into more peripheral markets. - Mid-cycle phase:
Several analysts describe MMR as entering a “mid-cycle” phase where:- Volumes remain strong but may turn more volatile, and
- Sustained momentum will depend on improved affordability, income growth and job creation, rather than pure price-led expansion.
The Road Ahead
On pure numbers, November 2025 is an unambiguous success story for Mumbai real estate:
- Best November since 2013 on registrations,
- Strong double-digit growth in stamp-duty revenue, and
- Year-to-date volumes and revenue both clearly ahead of last year.
However, for this upcycle to remain sustainable, the market will need:
- Better alignment between income growth and ticket sizes,
- A larger pipeline of genuinely affordable, transit-oriented homes, and
- Continued focus on execution quality and compliance under MahaRERA.
Mumbai has once again demonstrated that its demand for home ownership is resilient. The challenge going forward is ensuring this demand remains financially sustainable for mid-income households, who form the backbone of the city’s residential story.
About the Author
Arosh John is the Founder of John Real Estate (MahaRERA Reg. No. A51700001835) and Editor-in-Chief of Thane Real Estate News (TREN) – a specialised digital platform focused on infrastructure-led, regulation-aligned coverage of the Mumbai Metropolitan Region (MMR). Over more than a decade in Thane–MMR, he has advised homebuyers and investors across primary launches, resale transactions, villas and township ecosystems, with a strong emphasis on MahaRERA compliance, documentation hygiene and data-backed market interpretation.
Data & Editorial Disclaimer
This article is based on data and analysis from Knight Frank India’s Mumbai property registration reports and publicly available statistics from the Inspector General of Registration & Controller of Stamps, Maharashtra (IGR Maharashtra), along with corroborative inputs from independent brokerage research and coverage in leading business media, including The Economic Times, as available in the public domain as of December 2025. Figures are rounded where appropriate for ease of reading.
This write-up is intended solely for general information and education and does not constitute investment, legal, tax or financial advice. Readers should verify project-specific information on official MahaRERA and government portals and consult qualified professionals before making any property decision. All third-party trademarks, brands and project names, if mentioned, are the property of their respective owners.
