The city of Mumbai witnessed a record 15,516 property registrations in March, resulting in over Rs 1,492 crore in stamp duty revenue for the state exchequer. This figure marks the highest monthly registration volume in the past 14 years, surpassing the previous high noted in March 2025, according to a report by Knight Frank citing data from the Maharashtra Department of Registrations and Stamps.
Registrations in Mumbai remained relatively stable year-on-year, slightly increasing from the previous year’s levels of 15,501, while stamp duty collections saw a 6% decline on a year-on-year basis, indicating a change in transaction mix. Activity notably strengthened as the financial year concluded, with registrations rising by 19% month-on-month and stamp duty collections increasing by 32% month-on-month.
The market in Mumbai displayed a clear preference for residential properties, with nearly 80% of total registrations attributed to this segment. Notably, the mid-segment properties priced between Rs. 1–2 crore saw a 6% annual increase, accounting for 38% of transactions, while the sub-Rs. 1 crore segment decreased from 46% to 39%.
Shishir Baijal, International Partner, Chairman, and Managing Director of Knight Frank India, highlighted the growth in transactions as a reflection of strong end-user demand in Mumbai, supported by stable economic conditions and buyer confidence. The trend towards mid-income segment properties indicates active upgrading by aspiring homeowners to better quality housing within affordable price ranges.
Higher ticket segments in Mumbai, such as properties priced between Rs 2–5 crore and above Rs 5 crore, remained relatively stable at 17% and 6%, respectively. The buying pattern suggests that the rise in transaction values is primarily driven by upgrades within the mid-income bracket rather than a broad shift towards premium housing.
