Mumbai Real Estate Boom: Record Registrations Surge and Value Spike

In March 2025, Mumbai's real estate market experienced a significant jump in housing registrations, with numbers increasing 10% YoY to 15,501 units. The total property value surged by 42% YoY, reaching Rs 265 billion. This growth is driven by advance purchases before the anticipated ready reckoner rate hikes.

The Mumbai real estate market experienced a remarkable surge in housing registrations in March 2025, with units registered increasing by 10% year-on-year to a total of 15,501. Additionally, the combined value of these registered properties saw a dramatic rise, up 42% YoY to Rs 265 billion, driven by consumers purchasing ahead of an expected 3.4% increase in reckoner rates for Mumbai and a 3.9% rate for Maharashtra.

According to a Nuvama research report, this surge is largely attributed to a rush in consumer purchases before the rate hikes take effect from April 2025. The report also indicates that 80% of the registrations were for residential properties. Notably, registrations for units below 500 square feet fell 38% in March YoY, while those for units between 500-1000 square feet rose to 48% from 43% YoY. Meanwhile, registrations for units over 1000 square feet climbed to 14% from 9% in the previous year.

Maharashtra, as a whole, mirrored this upswing with March registrations up 11% YoY and a month-on-month increase of 30% to a total of 185,071 units. The rise in average ticket size by 29% YoY to Rs 17.1 million illustrates a shift towards higher-priced properties. Notably, property transactions over Rs 20 million accounted for 19% of registrations. Central and western Mumbai suburbs led in sales, holding 78% of total registrations, supported by a strong pipeline in new launches and reduced mortgage rates, setting a positive outlook for the sector. Key developers like Lodha, Oberoi, and Godrej are anticipated to reap significant benefits from these developments.

(With inputs from agencies.)