Mumbai property registrations up 8% in February, mid-premium segment dominates

Registrations in Mumbai grew by 8% in February

Mumbai's civic area recorded 13,029 property registrations in February, an 8 percent year-on-year increase and a 16 percent jump over the previous month, amid broader volatility in home sales and cautious sentiment among prospective buyers.

The state government netted a stamp duty of Rs 1,134 crore, 21 percent over the year-ago period and 12 percent more than January.

According to a Knight Frank India analysis, 80 percent of the registrations were in the residential category. The Rs 1 crore to Rs 5 crore category took up 48 percent of all residential registrations in February.

Developers’ new launches and sales efforts have focused on the mid-premium segment in areas such as Borivali, Dahisar, Goregaon and in eastern suburbs like Bhandup, Mulund and Ghatkopar. Much of the demand is end-user driven, developers and observers say.

"This sustained momentum is a testament to the inherent strength and depth of Mumbai’s residential sector. Demand remains largely end-user driven, with the mid-to-premium segments gaining traction, while suburban markets continue to dominate on the back of improving connectivity and expanding infrastructure," Knight Frank India chairman and managing director Shishir Baijal said.

This comes amid a recent oversupply and stress in the luxury category due to volatility in capital markets and with high net-worth individuals taking a more cautious view of new investments.

The mid-premium bands stand out and are now the central engines of demand, said Rohan Khatau, director of CCI Projects, a Mumbai-based developer. Buyers are shifting decisively up the price ladder, balancing aspiration with affordability and choosing homes that reflect long-term ownership goals rather than short-term deals, he said.