The heart rate monitoring systems currently available are prone to mistaking heart rate variation (caused due to the user involving in the physical activity) as an abnormal variation, even though such variations are 'normal', and may even trigger a false alarm. Even the monitoring systems which consider mobility states of the user so as to filter out such variations caused due to user activities may fail to consider change in mobility states at the time of measuring the heart rate data, which may have direct impact on the heart rate variations. A system and a method for heart rate estimation are provided wherein data pertaining to transition between different mobility states is considered by the system to filter out variations due to the transition between mobility states of the user. Different types of such transitions are identified, and appropriate methods are executed to filter the estimated heart rate data.