Mumbai's Property Market in August: A Tale of Dipping Registrations and Soaring Revenue
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- September 02, 2025
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Mumbai's vibrant real estate market presented a fascinating paradox in August 2023. While the city witnessed a marginal dip in property registrations, the state exchequer saw a robust surge in revenue collection, signaling a nuanced yet optimistic picture of buyer confidence and evolving market dynamics.
According to data from the Inspector General of Registrations (IGR), Mumbai recorded 8,246 property registrations in August 2023.
This figure represents a slight decrease of 3% year-on-year compared to August 2022, which saw 8,531 registrations. On a month-on-month basis, the dip was more pronounced, with an 11% decline from July 2023's impressive 9,235 registrations.
However, the story takes an intriguing turn when examining revenue.
The state government collected a substantial Rs 655 crore from stamp duty and registration fees in August 2023, marking a significant 10% increase year-on-year from Rs 595 crore collected in August 2022. This robust revenue growth, despite fewer transactions, strongly suggests that property values are either holding steady or witnessing a gradual uptick, and that high-value properties continue to attract buyers.
Market experts offer insights into these fluctuations.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, attributed the month-on-month dip to seasonal factors such as the conclusion of the auspicious festive season and the heavy monsoon showers that often deter on-ground activities. Dhaval Ajmera, Director at Ajmera Realty & Infra India, noted a cautious approach from buyers, partly influenced by recent interest rate hikes.
Despite the slight deceleration in registration volumes, the underlying sentiment remains strong.
Ram Naik, Director at The Guardians Real Estate Advisory, emphasized that buyer sentiment in Mumbai continues to be robust, driven by a growing preference for spacious homes. This trend is particularly evident in micro-markets like Thane and Navi Mumbai, which are gaining traction due to their improved infrastructure and relative affordability compared to the island city.
Indeed, Mumbai's affordability index has seen remarkable improvement over the past decade.
Knight Frank's analysis reveals that the index stood at a healthy 28% in 2023, a significant drop from 55% in 2010. This enhanced affordability, coupled with a stable interest rate regime and sustained economic growth, continues to fuel demand, especially for larger residential units.
Looking ahead, the Mumbai real estate market is poised for continued stability.
While short-term dips may occur due to seasonal variations or economic adjustments, the long-term outlook remains overwhelmingly positive. The city's continuous infrastructure development, strong economic fundamentals, and the persistent desire for homeownership are expected to keep buyer interest alive and well, ensuring that Mumbai's property landscape remains dynamic and promising.
.Disclaimer: This article was generated in part using artificial intelligence and may contain errors or omissions. The content is provided for informational purposes only and does not constitute professional advice. We makes no representations or warranties regarding its accuracy, completeness, or reliability. Readers are advised to verify the information independently before relying on