Mumbai Property Sales Surge After 13 Years Driven by Premium Demand

Mumbai’s Property Boom: Highest April Sales in Over a Decade

This April, Mumbai’s real estate market is buzzing with activity, recording over 12,000 property sales within the city limits under the Brihanmumbai Municipal Corporation(BMC). This surge is expected to generate nearly Rs 990 crore in revenue for the state government, reflecting a 4% year-on-year increase in property registrations. Despite a slight 6% dip in stamp duty collections, the market’s momentum is clear, driven predominantly by residential demand which accounts for 80% of the sales.

Record-Breaking April: A 13-Year High

April 2025 marks the highest number of property registrations in Mumbai for the month in 13 years. This milestone signals a significant market revival, with buyers showing renewed interest in owning homes across the city.

Premium Homes Take Center Stage

There is a notable shift towards premium properties, with the share of homes priced at Rs 2 crore and above rising from 22% last year to 25% this April. Sales of big-ticket properties priced between Rs 2-5 crore increased by 19%, while those above Rs 5 crore jumped 18%, highlighting a growing appetite for luxury homes.

Affordable and Mid-Range Segment Trends

While premium properties soar, mid-range homes priced between Rs 50 lakh and Rs 2 crore experienced a slight slowdown in sales. However, smaller flats up to 1,000 sq ft remain the most popular choice among buyers, maintaining steady demand.

Hotspots: Western and Central Suburbs Lead

• Approximately 85% of property sales occurred in Mumbai’s Western and Central suburbs, which continue to be the preferred locations for buyers.
• South and Central Mumbai also witnessed a modest increase in sales, reflecting sustained interest in prime city areas.

Expert Insights: Sustaining the Momentum

Shishir Baijal, Chairman and MD of Knight Frank India, commented, “April’s numbers demonstrate the strongest market performance in over a decade. The shift towards premium homes is encouraging. It is crucial for banks to ensure that RBI’s recent rate cuts translate into affordable home loans to keep this momentum alive.”