Mumbai’s property market began 2026 on a strong revenue note, with stamp duty collections crossing ₹1,012 crore in January, marking the highest January tally in the past 14 years, according to data released by Knight Frank India.
Despite a moderation in transaction volumes, the surge in collections underscores a clear shift towards higher-value property purchases, signalling sustained end-user confidence in India’s largest real estate market.
Property Registrations Dip, Revenue Holds Firm
Under the Brihanmumbai Municipal Corporation (BMC) jurisdiction, the city recorded 11,219 property registrations in January 2026. While this represents an 8% year-on-year decline compared to January 2025, it still ranks as the second-highest January registration count in 14 years.
Stamp duty revenue, however, rose 2% year-on-year, highlighting the increasing contribution of premium and large-ticket transactions even as overall volumes softened.
Residential properties continued to dominate market activity, accounting for nearly 80% of total registrations during the month.
Seasonal Cooling After December Surge
On a month-on-month basis, property registrations fell 22% from December 2025, while stamp duty collections declined 19% sequentially.
Knight Frank attributed this trend to seasonal moderation, noting that January typically witnesses slower activity following the year-end surge in transactions.
Historical data shows that January has consistently recorded lower volumes compared with December, a pattern observed across multiple market cycles.
Premium Homes Gain Share
The January data reflects a structural shift towards higher-priced homes:
- Homes priced above ₹5 crore accounted for 7% of registrations, up from 6% a year earlier
- The ₹2–5 crore segment rose to 19% from 17%
- The ₹1–2 crore category increased to 33% from 30%
In contrast, properties priced below ₹1 crore saw their share decline to 42% from 47%, indicating growing affordability pressures in the lower price bracket.
Smaller Homes Continue to Lead
Apartments measuring up to 1,000 sq ft dominated transactions, contributing 83% of registrations, in line with last year’s trend. The 500–1,000 sq ft category remained the most preferred, balancing affordability with livable space.
Larger homes saw limited traction, with 1,000–2,000 sq ft units accounting for 14% of registrations and homes above 2,000 sq ft holding steady at 3%.
Suburbs Drive Market Momentum
Mumbai’s housing demand remained firmly anchored in the suburbs. The western and central suburbs together accounted for 87% of registrations, with the western suburbs leading at 57%, followed by the central suburbs at 30%.
South Mumbai contributed 8%, while central Mumbai’s share slipped to 5%.
Market Outlook
Commenting on the trend, Shishir Baijal, chairman and managing director of Knight Frank India, said Mumbai’s housing market entered 2026 on a firm footing, supported by premium demand and stable economic conditions.
He added that the resilience in stamp duty collections points to structurally healthier market dynamics, aided by infrastructure upgrades and sustained end-user confidence.
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