Mumbai city (area under BMC jurisdiction) recorded 11,219 property registrations in January 2026, generating over ₹1,012 crore in stamp duty revenue for the state exchequer, marking the highest January collections in 14 years. While registrations declined by 8% YoY compared to January 2025, activity still stood as the second-highest January on record over the same period, according to a report by leading global property consultancy firm Knigh Frank.
Stamp duty collections rose 2% YoY, reflecting a higher share of large-ticket transactions. The sustained momentum highlights continued end-user demand, supported by positive homebuyer sentiment, stable economic conditions, and ongoing infrastructure investments across the city. Residential assets continued to dominate market activity, accounting for nearly 80% of total registrations.
Sequentially, property registrations declined by 22% in January, and revenue collections dipped by 19%. However, this decline is largely attributed to a seasonal dip typically observed in January. Historically, both property registrations and revenue collections tend to soften in January, reflecting seasonal moderation after the typically strong transaction momentum recorded in December.
Knight Frank India chairman & MD Shishir Baijal said:”Mumbai’s housing market began 2026 on a firm footing, recording its highest January stamp duty collections in 14 years, driven by a clear shift toward higher-value transactions. While registration volumes eased year-on-year by 8%, this partly reflects typical January seasonality and some operational disruptions toward month end. The resilience in revenue point to a sustained end-user confidence, supported by stable economic conditions and ongoing infrastructure development. The growing share of premium home purchases, indicate a structurally healthier market.”
Registration momentum in Mumbai continues to tilt toward the higher price brackets. Homes priced above Rs ₹crore accounted for 7% of total registrations in January 2026, up from 6% a year earlier, reflecting demand in the luxury segment. Meanwhile, the less than ₹1 cr range saw its share decline as affordability challenges weighed on buyer sentiment in this bracket. The share of properties worth ₹2 to ₹5 crore also grew by 2%, while the share of properties worth ₹1 to ₹2 crore increased from 30% in Jan 2025 to 33% in Jan 2026.
Units up to 1,000 sq ft contributed 83% of all registrations, in-line to last year. The 500–1,000 sq ft segment was the most preferred, striking a balance between affordability and usable space for end-users. Larger homes retained a niche buyer base, with 1,000–2,000 sq ft units witnessed a marginal dip of 1% to 24% and share of apartments above 2,000 sq ft remained stable at 3%.
The suburban markets continued to anchor activity. Western and Central Suburbs accounted for 87% of the total registrations in January 2025. The Western Suburbs led with 57%, while the Central Suburbs contributed 30%. In contrast, South Mumbai held at 8%, and Central Mumbai slipped to 5%.