Mumbai Property Registrations Hit 13-Year High in January 2025 Amid Strong Housing Demand
In January 2025, Mumbai's property market recorded a significant milestone, with property registrations reaching a 13-year high. According to data from the Maharashtra government's Department of Registrations and Stamps, the city registered 12,249 properties during the month, marking a 12% increase from the 10,967 units registered in January 2024. This surge underscores the sustained demand in Mumbai's real estate sector.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented on this trend, stating, "Mumbai's residential market entered 2025 with strong momentum, with January witnessing a year-on-year rise in registrations." He further noted that while there was a sequential decline in both registration volumes and revenue collection compared to the previous month, this pattern aligns with historical trends and is not a cause for concern. Baijal emphasized the continued strength in the premium housing segment, indicating a robust appetite for high-value properties in the city.
The increase in property registrations is not an isolated event but part of a broader upward trajectory observed over the past year. In December 2024, Mumbai recorded 12,415 property registrations, a slight rise from 12,285 in December 2023. Residential properties accounted for 80% of these registrations, highlighting the strong demand for housing in the city. Over the entire year of 2024, the city saw a total of 141,202 property registrations, representing an 11% increase from the previous year and setting a new 13-year high. This growth also translated into significant revenue for the state, with collections reaching ₹12,141 crore, a 12% year-on-year increase.
Several factors contribute to this sustained growth in Mumbai's property market. The festive season, particularly periods like Navratri and Diwali, traditionally boosts property purchases due to cultural beliefs favoring new investments during these times. In October 2024, for instance, property registrations rose by 22% year-on-year to 12,960 units, a surge partly attributed to the timing of these festivals.
Additionally, the city's evolving infrastructure plays a crucial role in enhancing its real estate appeal. The upcoming Navi Mumbai International Airport is a significant development in this context. Scheduled to commence operations in May 2025, the airport is expected to handle 20 million passengers annually in its initial phase, eventually expanding to accommodate 90 million passengers. This development is anticipated to transform the Mumbai Metropolitan Region's connectivity and economic landscape. Real estate markets in areas like Jasai, Ulwe, and Panvel are poised for substantial growth, driven by increased demand for residential and commercial spaces due to improved accessibility and economic opportunities.
The Navi Mumbai International Airport project spans 1,160 acres and represents a total investment of ₹16,700 crore. It features two runways spaced 1.55 kilometers apart and aims to alleviate congestion at the existing Chhatrapati Shivaji Maharaj International Airport by adding 40% more passenger-handling capacity to the Mumbai Metropolitan Region. The airport's development is also expected to act as a catalyst for other infrastructure projects, such as the Mumbai Trans Harbour Link, metro extensions, and expanded highway networks, further enhancing the region's connectivity and real estate prospects.
In summary, Mumbai's property market is experiencing a period of notable growth, driven by sustained demand, favorable economic conditions, and significant infrastructure developments. The record-high property registrations in January 2025 reflect the city's enduring appeal to homebuyers and investors alike. As infrastructure projects like the Navi Mumbai International Airport near completion, the city's real estate landscape is poised for further transformation, offering new opportunities for residents and investors in the coming years.
