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Mumbai Posts Best January Stamp Duty Collections in 14 Years

2026-02-09

Mumbai recorded its highest January stamp duty collections in 14 years, generating over Rs 10.12 billion from property registrations in January 2026, according to Knight Frank India. A total of 11,219 property registrations were recorded within the BMC jurisdiction during the month.

While registrations declined 8 per cent year-on-year, January 2026 still marked the second-highest January in terms of volumes over the past 14 years. Stamp duty collections rose 2 per cent year-on-year, reflecting a higher share of large-ticket transactions and sustained end-user demand.

Residential properties dominated market activity, accounting for nearly 80 per cent of total registrations. Homes priced above Rs 50 million made up 7 per cent of transactions, up from 6 per cent a year earlier, indicating continued traction in the luxury segment. The share of properties priced between Rs 20 million and Rs 50 million also increased, while the sub-Rs 10 million segment saw a decline.

Sequentially, registrations fell 22 per cent and stamp duty collections declined 19 per cent compared to December 2025, in line with the seasonal moderation typically seen in January following a strong year-end.

Smaller homes continued to lead demand, with units up to 1,000 sq ft accounting for 83 per cent of registrations. The 500–1,000 sq ft category remained the most preferred. Suburban markets dominated activity, with the Western and Central Suburbs together contributing 87 per cent of total registrations, while South Mumbai accounted for 8 per cent.

Commenting on the trends, Shishir Baijal, Chairman and Managing Director, Knight Frank India, 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, this partly reflects typical January seasonality. The resilience in revenue points to sustained end-user confidence, supported by stable economic conditions and ongoing infrastructure development.”

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