The month of November 2025 has cemented its status as a watershed moment for the Mumbai Metropolitan Region’s (MMR) real estate market. Far from exhibiting the usual seasonal fatigue, the market demonstrated remarkable resilience and accelerating buyer confidence, effectively establishing a new, structurally higher baseline for transaction volumes. This impressive performance, confirmed by the latest property registration data from the Maharashtra Inspector General of Registration (IGR), underscores Mumbai’s enduring position as India’s most dynamic and prolific real estate market for investment.
Record Registrations Fuel State Exchequer Growth
November 2025 emerged as an outstanding month, producing spectacular transactional results that surpassed historical benchmarks. Mumbai registered an impressive 12,219 properties, translating to a strong 20% year-on-year (YoY) gain. This figure marks the highest number of registrations recorded for any November since 2013, unequivocally validating the sustained investment appetite and renewed enthusiasm among MMR homebuyers.
This surge in market activity provided a substantial boost to the state treasury. Stamp duty collections—the levy charged on property transactions soared to ₹1,038 crore during the month, indicating a robust 12% YoY increase in revenue. This growth highlights not only an increase in the number of transactions but also a significant, sustained appreciation in the overall value of residential real estate being purchased.
On a month-on-month (MoM) basis, the upward trajectory was maintained, with property registrations increasing by 5% compared to October 2025. This healthy, consistent pace of high-value deals demonstrates that the market momentum is deeply rooted, rather than being a temporary festive spike. Residential demand is the absolute cornerstone of this success, accounting for an astounding 80% of all registrations in November, confirming that end-users individuals and families buying premium apartments for living are the dominant force.
Structurally Higher Baseline: A Year-to-Date Triumph
The monthly triumph in November contributes significantly to an amazing cumulative performance for the Mumbai property market. In the first eleven months of 2025, Mumbai successfully crossed 135,807 property registrations. This cumulative volume is a noteworthy achievement, showing a 5% YoY gain compared to the same period last year. This steady and consistent increase in transactions indicates that the market is functioning from a “structurally higher baseline,” meaning the current level of activity represents a long-term, stable new normal for the city’s housing demand.
In terms of fiscal contribution, these eleven months of robust sales resulted in a massive influx of funds, with the total revenue earned for the state exchequer through stamp duty collections exceeding ₹12,224 crore. This record-breaking revenue figure, which reflects an impressive 11% YoY growth, is the clearest indicator of the city’s decisive trend toward higher-value and premium-segment transactions.
As Shishir Baijal, Chairman and Managing Director of Knight Frank India, articulated: “Mumbai’s residential market has sustained its steady trend into November, showing a 20% YoY jump in registrations and marking the city’s strongest November since 2013. Revenue grew 12%, backed by robust demand across sectors and a clear shift toward higher-value homes. The market is functioning at a substantially higher baseline, and monthly activity has continuously remained robust, with registrations surpassing 135,000 units in the first eleven months.” This expert analysis verifies that continuous buyer confidence is the primary engine behind this steady sales performance.
The Decisive Shift Towards Premium & Mid-Segment Housing
A key characteristic of this robust market cycle is the undeniable shift in buyer preference towards superior and high-value housing, often referred to as luxury real estate.
- Mid-Segment Growth: The share of the ₹1 to ₹2 crore price range recorded significant growth, climbing from 31% in 2024 to a dominant 33% in 2025. This category remains the market’s workhorse, primarily serving middle- and upper-middle-class families looking for modern, premium new flats in Mumbai.
- Affordability Challenges: Conversely, the entry-level bracket of less than ₹1 crore saw its market share fall. This moderation signals that affordability challenges are impacting first-time buyers in the budget segment, encouraging those with stable incomes to explore larger, better-valued homes. The ₹2–5 crore range remained stable, reflecting steady demand from affluent buyers upgrading their residences.
Suburban Dominance and Practical Space Preferences
The analysis of transaction locations and unit sizes clearly defines where the main market activity is concentrated.
Location of Residential Transactions
The sheer volume of sales confirms that Mumbai’s sprawling suburban belts particularly those benefiting from new infrastructure remain the core driver of the housing market, moving demand away from the highly saturated city core.
- Suburban Supremacy: The Western Suburbs and Central Suburbs jointly accounted for a huge 85% of the overall registrations in November 2025.
- Western Suburbs’ Lead: The Western Suburbs real estate market led the way with a dominant 56% market share, solidifying its position as the most active area for new residential buildings.
- Central Suburbs Activity: The Central Suburbs housing market was the second-highest contributor at 29%.
- Core City Activity: In contrast, Central Mumbai fell to 6% and South Mumbai’s premier real estate only accounted for 9%, demonstrating that the suburbs are the main volume drivers for MMR investment properties.
Preference for Property Size
Despite the clear emphasis on higher transaction values, the preference for property size remains practical and focused on the small-to-medium sectors, driven by the balance between affordability and space.
- Dominance of Smaller Units: Units up to 1,000 sq ft generated an overwhelming 84% of all registrations.
- The Sweet Spot: The 500–1,000 sq ft segment was the most requested size band, successfully balancing price points with functional, useful size, making it ideal for the average end-user.
- Niche for Larger Homes: Demand for larger 3 BHK and 4 BHK flats in Mumbai remains robust among niche buyers, with units measuring 1,000–2,000 sq ft increasing to 13% of the market share, and those above 2,000 sq ft reaching 4%.
The November 2025 data paints a clear picture: the Mumbai real estate market is resilient, confident, and growing, driven by end-user demand for quality and value in the suburban belts. This trajectory suggests a multi-year growth cycle, making now an opportune time for prospective buyers to secure their dream home or make a long-term property investment in the MMR.