Mumbai Records Highest January Stamp Duty Collections in 14 Years

Mumbai’s property market entered 2026 with a signal that surprised many. January, usually a quieter month after December’s rush, delivered the highest January stamp duty collections the city has seen in 14 years.

According to official registration data, properties worth over Rs. 1,012 crore in stamp duty were registered within the Brihanmumbai Municipal Corporation limits during January 2026. A total of 11,219 property registrations were recorded, making it the second-highest January performance over the last 14 years.

While the number of registrations fell 8 percent compared to January 2025, the value of transactions tells a very different story.

Fewer deals, higher value homes

The key trend shaping Mumbai’s January numbers is the rising share of big-ticket transactions. Stamp duty collections grew 2 percent year-on-year despite lower volumes, pointing to buyers spending more per home.

Industry experts say this reflects a clear tilt towards premium housing. Homes priced above Rs. 5 crore accounted for 7 percent of total registrations, up from 6 percent a year earlier. The Rs.  2 to 5 crore bracket also expanded its share, while the Rs.  1 to 2 crore segment rose from 30 percent in January 2025 to 33 percent in January 2026.

In contrast, the sub-Rs.  1 crore segment lost ground, underlining affordability pressures faced by first-time and budget-conscious buyers.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, said Mumbai’s housing market began the year on a firm footing. He noted that while volumes softened, the resilience in stamp duty revenue reflects sustained end-user confidence and a structurally healthier market driven by premium demand.

Seasonal dip explains month-on-month decline

Compared to December 2025, January saw a 22 percent fall in registrations and a 19 percent dip in stamp duty collections. However, this decline follows a familiar seasonal pattern.

Historically, January tends to cool off after the strong year-end momentum seen in December. Buyers often rush to close deals before calendar-year deadlines, resulting in softer numbers at the start of the new year. Market participants say the January moderation does not indicate weakening demand, but rather a return to normal transaction cycles.

Residential properties dominate the market

Residential homes continued to drive Mumbai’s property registrations, accounting for nearly 80 percent of all transactions in January. End-users, rather than investors, remain the backbone of the city’s housing demand.

Positive homebuyer sentiment, stable economic conditions, and the steady rollout of infrastructure projects have kept confidence intact. Improved metro connectivity, road upgrades, and redevelopment activity across the city have also supported residential demand.

Smaller homes remain the preferred choice
Size-wise, compact homes continued to dominate registrations. Properties up to 1,000 sq. ft made up 83 percent of all registrations, broadly in line with last year’s trend.

The 500 to 1,000 sq. ft segment emerged as the most preferred category, striking a balance between affordability and usable living space. Larger homes saw limited traction. Units sized between 1,000 and 2,000 sq. ft witnessed a marginal decline in share, while apartments above 2,000 sq. ft remained steady at just 3 percent of total registrations.

This pattern highlights Mumbai’s space realities, where buyers prioritise location and connectivity over larger carpet areas.

Suburbs continue to anchor demand

Mumbai’s suburban markets once again carried the bulk of registration activity. Western and Central Suburbs together accounted for nearly 85 percent of total registrations.

The Western Suburbs led the market with a 57 percent share, driven by areas such as Andheri, Borivali, Goregaon, and Malad. The Central Suburbs followed with a 30 percent contribution, supported by improving infrastructure and better access to business districts.

South Mumbai maintained its niche appeal with an 8 percent share, while Central Mumbai slipped slightly to 5 percent. High prices and limited new supply continue to restrict volumes in these older micro-markets.

What the numbers signal for 2026

Mumbai’s January performance sends a clear message. Even as overall transaction volumes stabilise, buyer appetite for quality and premium housing remains strong. The growing contribution of higher-value homes suggests a market that is becoming more mature and less driven by speculative demand.

With infrastructure projects progressing and economic conditions remaining stable, developers and homebuyers alike are entering 2026 with cautious optimism. If the January numbers are any indication, Mumbai’s property market appears well-positioned to maintain momentum through the year, even if growth comes with a more selective and value-driven lens.