In April 2026, Mumbai recorded 14,098 property registrations, generating ₹1,137 crore in stamp duty revenue. This marks a clear improvement over April 2025, when the city saw 13,080 registrations and ₹1,114 crore in revenue. While the year-on-year growth may appear moderate at first glance, it reflects underlying stability in housing demand despite high property prices and global economic uncertainties.

A closer look at the preceding months further strengthens this trend. In February 2026, Mumbai registered 13,029 properties, contributing ₹1,134 crore in stamp duty revenue. The momentum picked up significantly in March 2026, with registrations rising sharply to 15,983 and revenue surging to ₹1,534 crore. This spike is typically attributed to financial year-end transactions, as buyers rush to close deals before March 31—a seasonal trend consistently observed in Mumbai’s property market.

When viewed together, the February–March–April data paints a clear picture: demand remains strong, with temporary spikes driven by seasonality rather than structural volatility. Even after the March peak, April numbers have held firm above the 14,000 mark, indicating sustained buyer interest rather than a post-March slowdown.

The consistency in stamp duty collections is equally significant. Despite fluctuations in monthly registrations, revenue has remained above the ₹1,100 crore mark across all three months. This suggests that not only are transactions continuing, but property values—and ticket sizes—are also holding steady. In a market like Mumbai, where premium and mid-segment housing dominate, this is a strong indicator of end-user confidence.

These figures from IGR Maharashtra are often considered the most reliable real-time indicators of real estate activity, as they reflect actual registered transactions rather than announcements or sales claims by developers. As such, they offer a transparent view of market health.

Another important takeaway is the absence of any major demand shock despite global headwinds and domestic interest rate cycles. Mumbai’s real estate market appears to be driven by genuine end-user demand, supported by income stability, urban housing needs, and long-term investment confidence.

However, the data also raises important questions. While transaction volumes remain strong, affordability challenges persist, especially for first-time homebuyers. Additionally, the concentration of demand in certain micro-markets and price segments continues to shape overall trends.

In conclusion, the latest registration data confirms that Mumbai’s real estate market is not just active, but structurally stable. The steady rise in registrations and consistent stamp duty revenue reflect a market that is absorbing economic pressures while maintaining demand momentum. If this trend continues, 2026 could emerge as another strong year for Mumbai’s property sector, driven by end-users rather than speculative activity.

Also Read: Year 2020: Made Mumbai Real Estate Smile

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The year-end momentum remained exceptionally strong. December 2025 alone saw 14,447 properties registered – a 16% jump from December 2024 – contributing INR 1,263 crore to state revenue. On a month-on-month basis, registrations rose 18% and stamp duty collections surged 22%, making December the second-highest month of the year after March.

Residential properties accounted for 80% of December’s registrations, underlining sustained end-user demand. Experts attribute the robust performance to improved affordability, better supply of quality housing, and major infrastructure projects enhancing connectivity.

Shishir Baijal, International Partner, Chairman & Managing Director, Knight Frank India, said: “2025 marked a steady and mature phase for Mumbai’s housing market, with property registrations crossing 1.50 lakh – the highest level seen in the last 14 years. This milestone reflects the underlying resilience and depth of the market, driven by sustained end-user demand and a far more supportive supply-side ecosystem. Rising stamp duty collections indicate gradual improvement in per-unit transaction values, while affordability has improved significantly – Mumbai is now at 47%, a sharp correction from earlier levels where EMIs consumed up to 97% of household income.”

Annual Property Registrations & Stamp Duty Collections (2013–2025)

Source: Maharashtra Govt – Dept. of Registrations and Stamps (IGR); Knight Frank India

Monthly Registrations & Stamp Duty – 2025

December 2025 numbers forecasted based on per-day run rate Source: Maharashtra Govt – Dept. of Registrations and Stamps (IGR); Knight Frank Research

Ticket Size Category – December 2024 vs December 2025

Apartment Size Breakdown – December 2024 vs December 2025

Micro-Market Share – December 2024 vs December 2025

With Western and Central Suburbs together accounting for 86% of December registrations, suburban areas continue to drive the market. The shift toward higher price brackets and larger units in the 500–1,000 sq ft range signals strong demand for quality, well-connected homes.

As Mumbai heads into 2026 with improved affordability and ongoing infrastructure development, the market is well-positioned for continued growth.

Also Read: Mumbai Property Registrations Down 11% MoM in Aug 2025; Stamp Duty Revenue Slips 19% to ₹1,000 Cr

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The city recorded 13,557 property registrations in September 2025, a substantial rise from the 11,056 units registered in September 2024. While the volume of registrations jumped, stamp duty collections saw a more moderate 3% YoY increase, highlighting a steady, mature market. Month-on-month, both registrations and collections saw increases of 2% and 8% respectively, further underscoring the city’s robust housing demand.

The impressive September performance is partly attributed to a shift in the festive calendar. Last year, property activity was dampened by the inauspicious Shraddh period falling between September 17 and October 2, 2024. This year, the period occurred earlier (September 7–21, 2025), freeing up the latter part of the month for increased buyer activity, which was then supported by the start of Navratri on September 22.

Key Market Takeaways

• Year-to-Date Performance: Pune’s market has reached a four-year high for the first nine months of the year, with 145,651 property registrations recorded from January to September 2025. This marks a 5% increase in registrations and a 6% rise in stamp duty revenue compared to the same period last year.
• Steady Demand: Shishir Baijal, Chairman & Managing Director of Knight Frank India, noted that the market is “operating at sustainable volumes,” indicating growing maturity and enduring confidence among homebuyers.
• Ticket Size Trend: Demand remains firmly concentrated in the affordable and mid-segment, with 85% of transactions in September 2025 being for properties priced up to INR 1 crore. However, the share of homes priced above INR 1 crore marginally increased from 14% to 15%, suggesting an expanding top-end segment.
• Preference for Larger Homes: There is a sustained trend toward larger apartments. The share of units above 800 sq ft saw an uptick, rising from 26% in September 2024 to 29% in September 2025. Conversely, the share of the smallest units (under 500 sq ft) declined from 35% to 31%.
• Geographical Concentration: Central Pune, encompassing Haveli Taluka, PMC, and PCMC, continues to dominate the market, accounting for 61% of residential transactions in September 2025. However, this is a slight decline from the previous year, as developing areas like West Pune (Mawal, Mulshi, Velhe) saw its share rise to 17%, catering to evolving buyer preferences outside the core areas. North, South, and East Pune collectively contributed the remaining 22%.

Also Read: How Food & Beverage Is Changing India’s Shopping & Real Estate Spaces

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June 2025 alone saw 16,597 properties registered, up 13% compared to June 2024, while stamp duty collections rose 17% to INR 637 crore.

Demand for larger homes continues to gain ground. Units exceeding 800 sq ft contributed 34% of June registrations, up from 31% a year earlier. In terms of pricing, the share of homes above INR 1 crore increased to 21%, highlighting buyers’ growing appetite for premium properties.

Micro-market trends show Central Pune—covering Haveli, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC)—accounted for 76% of transactions in June, with West Pune’s share rising to 15%.

Commenting on the report, Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “Crossing the 100,000 mark in just six months reflects the strength and depth of Pune’s property market. Sustained end-user demand and rising buyer confidence are driving this momentum.”

Key Tables

1⃣ Property Registrations & Stamp Duty Revenue (Half-Yearly)

2⃣ Monthly Registrations & Stamp Duty Collection

3⃣ Share by Ticket Size (June 2025)

4⃣ Share by Area Size (June 2025)

5⃣ Share by Micro-Market (June 2025)

Also Read: Notice of De-Registration Applications for 2 Pune Real Estate Projects

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·       Highest registration numbers for November in the past 11 years

According to data from the Department of Registration and Stamps, Government of Maharashtra, the registration of properties in the Mumbai Municipal region rose 8% annually to 9713 units in the month of November 2023 contributing a revenue of over Rs. 711 crores to the State exchequer, against 8965 units that were registered in November last year.  However the registration numbers were less than October 2023 where 10,607 units were registered.

As per Knight Frank, the city recorded the best November registration numbers in 11 years. Of the overall registered properties in November 2023, residential units constituted 80 per cent, and the remaining 20 per cent constituted non residential assets.

Here is what real estate developers have to say on these robust numbers:

Sandeep Runwal – President, NAREDCO Maharashtra
“The robust response from homebuyers during the month of Diwali indicates the positive sentiments towards home ownership. The homebuyers have taken the opportunity of best pricing and various offers provided by the developers during the festive season. Based on the leads generated during our recent HOMETHON property expo, we can certainly see a strong sales momentum till the end of this year.”

Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“The Mumbai housing market has once again seen exceptional home sales during the recent festive season. The positive market sentiments witnessed during the festive season coupled with rise in aspirations and income levels did fuel the housing demand among homebuyers propelling home sales. We expect the housing demand to remain strong going into the New Year.”

Rohan Khatau, Director, CCI Projects
“We have seen a phenomenal response from home buyers during the current festive season. There has been a realisation among home buyers on the importance of home ownership. Among other areas, the western suburb is seeing a huge housing demand. This comes on the back of improved connectivity and enhanced convenience factor that is instrumental in home buyer preference towards the western suburbs of Mumbai.”  

Prashant Khandelwal, CEO – Agami
“We are seeing the Mumbai housing market peak in terms of home sales. The current festive season has given an impetus to this growing housing demand due to attractive pricing, discounts and home loan offers valid for the festive period only. The upgrade in infrastructure projects has improved connectivity in Mumbai and MMR region. This has excited home buyers who are now going ahead and buying their desired home in far flung suburbs which are reasonably priced and within their budget.”   

Also Read: November sells over 10.6K homes

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In November 2022, the number of registrations stood at 8,965. The Revenue collection, stood at Rs 684 crore in November 2022, according to the Maharashtra government data.

In October 2023, 10,244 properties were registered in Mumbai, a 21 percent year-on-year spike over October 2022. Revenue collections rose 11 percent in October this year to Rs 809 crore from Rs 723 crore in October 2022.

This figure is less than September where the city of Mumbai saw a total sales being registered at 10,693

In August, the home sales stood at 10,902. The October figures are less than August and September, but is higher than April, May, June, and July home sales.

In July the home sales stood at 10,221, while the figure was 10,319 in June.

In May, Mumbai had witnessed a mere 9,823 home sales, whereas the number of home sales in the maximum city stood at 10,513 in April.

Also Read: Mumbai property registrations in October 2023 surge 26% YoY

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On August 31, Mumbai home sales stood at 10,902 generating a revenue of ₹810 crore.

This is higher than April, May, June, & July home sales.

In July the home sales stood at 10,221, while the figure was 10,319 in June.

In May, Mumbai had witnessed a mere 9,823 home sales, whereas the number of home sales in the maximum city stood at 10,513 in April.

This comes as a surprise because monsoon aren’t seen as the period when people generally buy homes, but defeating that logic Mumbai made August the highest home sales month in the FY 23-24.

Anuj Puri, Chairman – ANAROCK Group, says, “Properties sized less than 500 sq ft, accounted for an additional 35% of total launches in Apr-Jun 2023, a significant rise from 27% in Apr-Jun 2022. This trend indicates that with the rise in property prices, homebuyers are now again looking for smaller units to manage their overall budget.”

Also Read: Mumbai property registrations dips in July 2023

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In May till 7 pm 9,794 sale agreements were registered. These sale agreement registration got the state a revenue of ₹830 crore.

Now let’s compare these figures with April, in April Mumbai saw a total of 10,514 sale agreements being registered. 

In April, the revenue generated was ₹899 crore via stamp duty.

In March the registration figure stood at 13,151 while the revenue generated was ₹1,225 crore.

Even when one compares the registration figures with May 2022, this year the number haven’t seen any increase. 

In May 2022, the registration figure stood at 9,838 while revenue generated via stamp duty stood at ₹726 crore.

So what has led to a decrease in the home sale figures, even though the home prices hasn’t increased in Mumbai.

Firstly the global slow down, has impacted the economy, thus impacting the spending capacity. Many home buyers have taken the wait and watch approach.

There was a sense amongst many homebuyers that the stamp duty shall see some cut or government may offer a discount but that didn’t happen.

Also the home loan interest hike because of the global slowdown and unrest has impacted the homebuyers capacity to buy a house.

Also Read: Mumbai stamp duty collection at a 10-year high in April 2023, property registrations dip

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The last time, Rs 1k crore revenue via stamp duty was generated was the month of March 2022, where 17,726 home sales were registered generating a revenue of Rs 1.1k crore.

In February 2023 the number of home sales till noon of February 28, crossed the 9,333 mark, which is more than the home sale registrations in the 31 days of January.

Lets have a look at the number of home sale registration in the months of Financial year 2022-23.

A total of 9,001 home sale registrations took place in January, and Rs 691 crore stamp duty revenue was generated.

In December total registrations was at 9,367, whereas the revenue generated was Rs 835 crore.

In November 8,965 home sale registrations took place, generating a revenue of Rs 683 crore.

October saw 8,421 registrations generating a revenue of Rs 723 crore.

September witnessed 8,628 registrations generating Rs 734 crore as revenue from stamp duty.

August saw 8,552 registrations, revenue generated was Rs 643 crore.

July saw 11,340 registrations, revenue generated was Rs 828 crore.

June saw 9,919 registrations, revenue generated was Rs 728 crore.

May saw 9,838 registrations, revenue generated was Rs 726 crore.

April saw 11,743 registrations, revenue generated was Rs 737 crore.

In February 2022, 10,379 registrations took place, and revenue generated from stamp duty was Rs 614 crore

Thus in the entire financial year of the 2022-23 February became the first month that managed to breach the Rs 1k crore collection.

It should be noted that it was in February when D Mart owner Radhakishan Damani, his immediate family and close associates purchased 28 units in a bulk deal at discounted rates in Oberoi Realty’s luxury project Three Sixty West at Worli for a total of Rs 1,238 crore

Also Read: Only Rs 1k stamp duty for EWS and LIG homes under PMAY

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Till January 31, 9,001 home sales were registered in Mumbai, generating a revenue of ₹691 crore. This is less than December which saw 9,367 home sales in Mumbai generating a revenue of ₹835 crore.

But before we speak about January collections,, let’s see how the other months of the FY 2021-22 performed.

In November month that total sales registered with the registration department stood at 7,582 generating a revenue or ₹549 crore.

In October Mumbai witnessed a sales of 8,576 units, generating ₹550 crore.

Where as in September the number of sales in Mumbai was 7,804 units which generated ₹529 crore.

In August sales stood at 6,784 unit and revenue generated was ₹420 crore.

In July ₹566 crore was generated with registration of 9,822 units.

In June it was 7,856 units that was registered and revenue generated was ₹420 crore.

In May the number was the lowest up till now, it stood at 5,360 units generating a revenue of ₹268 crore.

April saw the highest number of sales this financial year up till now the figure stood at 10,135 units being registered generating a revenue of ₹514 crore.

In May only 5,360 units were registered whereas in the 21 days of December till late evening 6124 units were registered in Mumbai.

So what could be the reason behind the less sale of homes? One of the reason that could have caused it, can be the rumour that state government may reduce stamp duty. Currently in Mumbai one has to pay 6% stamp duty for their registration of agreement. The rumours which on several ocassions the government has refuted kept on surfacing often.

There are multiple reasons behind the decline, which also includes that not much was there to offer from developers, the rise in the repo rate leading to a rise in home loan interest rates too.

Also Read: 9672 home sales in December generated stamp duty revenue of Rs 758 crore

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