Property registrations surge, Mumbai revenues cross ₹10,000 crore for first time
With the city’s real estate market setting new benchmarks year after year, industry experts suggest that demand is being fuelled by a combination of rising incomes, growing end-user interest, and steady investment appetite.
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Mumbai’s real estate market continues to scale new peaks in 2025, with fresh records set in both property registrations and government revenues. Data released by the Inspector General of Registration (IGR) for the January to September period underscores the sector’s resilience and long-term momentum, despite broader economic headwinds.
Between January and September 2025, the city recorded 1,11,388 property registrations, the highest in the past seven years. This figure reflects a 5.5 percent increase compared to the 1,05,607 registrations during the same period in 2024, and a sharper 18.1 percent rise over 2023 when 94,307 properties were registered. The sustained uptick underscores robust buyer sentiment and a steady appetite for housing in India’s most expensive property market.
The growth appears even more dramatic when compared with the pre-pandemic years. Registrations in 2025 are more than double the 50,045 properties recorded in 2019, a jump of 122.6 percent. The contrast with 2020, the year most impacted by COVID-19, is even starker, with 2025 figures showing a nearly fourfold increase of 286.6 percent over the 28,822 registrations seen during that slump.
Anuj Puri, Chairman – ANAROCK Group, says, “This sustained growth is due to a combination of robust housing demand, accelerated infrastructure development, premium project launches, and stable policy frameworks. With 2025 already surpassing the INR10,000 crore milestone in just nine months, the year is firmly on track to become the most successful year ever for property registrations and collections. The sustained performance points toward a structurally stronger real estate market, driven by both end-users and investors, setting the stage for continued expansion in the years ahead.”
This surge in activity has translated into an unprecedented revenue windfall for the state exchequer. Between January and September 2025, stamp duty and registration fee collections touched ₹10,094.22 crore, surpassing the previous record of ₹8,876.42 crore in 2024.
This marks the first time revenues have crossed the ₹10,000 crore threshold within the first nine months of a calendar year. The year-on-year jump of 13.7 percent further highlights the sector’s buoyancy. Compared to 2020, when collections plummeted to just ₹1,937.32 crore, the increase represents a staggering 421 percent rise.
The broader trajectory of recovery and expansion is clearly visible in the data. In 2019 and 2020, the market was reeling from the twin impacts of an economic slowdown and the pandemic, with sharp dips in both registrations and revenues. A revival began in 2021, when registrations climbed to 86,072 and revenues crossed ₹4,252 crore.
By 2022, collections had surged past the ₹6,600 crore mark, reflecting a 55 percent rise over the previous year. The momentum strengthened further in 2023 and 2024, with back-to-back records being broken. In 2025, the sector has not only maintained but accelerated this growth, cementing Mumbai’s real estate as a key driver of state finances.
Monthly data offers a similar picture of sustained demand. In September 2025 alone, registrations reached 11,744, outpacing the 9,111 recorded in September 2024 and 10,693 in September 2023. Revenues for the month stood at ₹1,256.1 crore, compared to ₹876.7 crore in the same month last year, marking a sharp annual rise. For perspective, September 2019 had seen only 4,032 registrations generating ₹347.6 crore in revenues, while the pandemic-affected September 2020 recorded just 5,597 registrations and ₹180.5 crore in collections.
With the city’s real estate market setting new benchmarks year after year, industry experts suggest that demand is being fuelled by a combination of rising incomes, growing end-user interest, and steady investment appetite. Policymakers, meanwhile, are likely to take note of the sector’s growing contribution to state revenues, as collections from property transactions continue to outpace expectations.
As 2025 heads into its final quarter, all eyes will be on whether Mumbai’s real estate market can sustain its current momentum and close the year with another historic high.
