Mumbai (Maharashtra) [India], April 2 : Mumbai real estate market saw a notable surge in housing registrations in March 2025, with the number of unit registrations up by 10 per cent year-on-year (YoY) to 15,501 units. The total value of registered properties also spiked by 42 per cent YoY, to Rs 265 billion.
According to a research report by Nuvama, higher registrations were done because reckoner rates are going to increase by 3.4 per cent in Mumbai and 3.9 per cent for Maharashtra from this month (April, 2025).
This growth is attributed to advance purchases by consumers ahead of the expected hike in ready reckoner rates, set to take effect from the current month (April 2025).
According to the report, about 80 per cent of the registrations during the month were of residential properties.
Registrations of units below 500 sft fell by 38 per cent in March from 48 per cent (YoY), while units between 500-1000 sft increased to 48 per cent from 43 per cent (YoY). Units over 1000 sft increased to 14 per cent from 9 per cent in March 2024.
The report highlighted that the overall market performance in FY25 was exceptional, with registrations reaching an all-time high. The number of units registered surged 9 per cent yearly, while the value saw a 22 per cent YoY increase, totalling Rs 2.2 trillion.
In Maharashtra, the increase was even more pronounced, with March registrations climbing 11 per cent YoY and 30 per cent month-on-month (MoM) to 185,071 units.
A rise in the average ticket size, up 29 per cent YoY to Rs 17.1 million, also reflected a shift in buyer behaviour, with higher-priced units dominating the market. Notably, properties priced above Rs 20 million saw a 19 per cent share in registrations, up from 16 per cent a year ago.
Suburbs in central and western Mumbai dominated sales, accounting for 78 per cent of the total registrations, with central suburbs seeing an increase in their market share. The market's buoyancy was further driven by a robust launch pipeline and a cut in mortgage rates, indicating a healthy outlook for the city's housing sector.
Organised developers, including major players like Lodha, Oberoi, Godrej Properties, Sunteck, and Rustomjee, are expected to benefit from this trend, the report added.