In September 2026 Mumbai's property market had strong registration in the first week of the year, with 12,622 properties registered in September, a 5 per cent increase year-on-year from 12,070 in September 2025. Despite the fall in stamp duty collections, transaction activity in the financial capital remained brisk.
The data from the Maharashtra Department of Registrations and Stamps was analysed by real estate consultancy Knight Frank India.
The September figure was also just slightly higher than the 12,580 property registrations in August 2026. September had the highest number of property registrations in more than 14 years, reflecting the continuing activity in Mumbai's residential real estate market.
Ganesh Chaturthi is a boost to property market.
One of the reasons behind the strong September numbers was the surge in property registration in the Ganesh Chaturthi period. Between September 14 and September 25 Mumbai had 5,379 property registrations, a 22 per cent increase from last year during the same period.
The 2026 Ganesh Chaturthi period also recorded the highest number of property registrations during the festival in four years. Hence, the festive period made a significant contribution to the overall September numbers, and homebuyers continued to complete transactions during what is traditionally considered an important period for property purchases in Maharashtra.
Stamp duty collections also saw a significant increase during the festive period. Mumbai collected ₹640 crore in stamp duty between September 14 and September 25, a 32 per cent year-on-year increase. More than half of the total stamp duty collected during September came during this festive window.
Stamp Duty collections decline even with higher Registrations
While the number of registered properties increased, stamp duty collections for the full month went in the opposite direction. Maharashtra collected around ₹1,227 crore in stamp duty in September 2026, down about 5 per cent from ₹1,291 crore collected in September 2025.
The Knight Frank analysis found that the decline in stamp duty revenue was mainly attributed to a change in the mix of property transactions. This means that the increase in registered properties did not translate into a corresponding increase in stamp duty revenue.
The September stamp duty collection, however, was higher than the ₹1,131 crore collected in August 2026. The difference in registration volume and stamp duty revenue also indicates how the value and composition of transactions can affect government revenue even when transaction volume increases.
Mumbai Property Demand Remains Active
The latest numbers indicate continued participation in Mumbai's residential market from homebuyers. Knight Frank India Chairman and Managing Director Shishir Baijal said demand from the city's residential market was still strong and buyers continued to be selective in buying property.
With improving infrastructure, properties in well-located developments attracted attention in the market. Even with the registration number on the rise in this market, buyers still need to consider location, connectivity, infrastructure, and more before buying.
In addition, the September performance is also in the context of high property prices in Mumbai and limited land in the central and well-established areas of the city. New residential developments and improved infrastructure in peripheral areas affect the housing market, and the sites in the city are still important to buyers who would like to connect to other places and to the commercial center.
1.19 Lakh Properties Registered In 12 Months
Mumbai’s registration activity remains very strong over the long term as well. In the period of 12 months between September 2025 and September 2026, the city registered around 1.19 lakh property registrations, according to Knight Frank analysis.
In the six months from April to September 2026, Mumbai recorded 79,127 property registrations and ₹6,910 crore in stamp duty collections, compared to ₹7,003 crore in stamp duty collections over the period from October 2025 to March 2026. The city recorded 78,523 registrations and ₹7,003 crore in stamp duty collections in the six months from October 2025 to March 2026.
The figures showed that registration volume increased slightly during the two six-month periods, while stamp duty collections were lower. This shows again the difference between the transaction volume and the revenue generated from those transactions.
What The September Numbers Mean For Mumbai Real Estate
The September results are another indication of sustained activity in Mumbai’s residential property market. The 5 per cent annual increase in the total number of registered properties and the 22 per cent annual increase during Ganesh Chaturthi indicates continuing homebuyer interest.
At the same time, the decline in monthly stamp duty collections shows that higher transaction volumes do not necessarily mean higher government revenue. The mix of properties being registered, their values, and applicable duties can influence the final collection.
For developers and homebuyers, the September numbers offer an important snapshot of market activity at the start of the festive and post-monsoon period. With Mumbai experiencing its best September registration in over 14 years, the future will be to see if transaction activity continues to be brisk in the next few months.
The latest reports indicate that Mumbai's property market is still in demand, even with buyers being selective and the composition of transactions changing. With festive demand very much stronger in September, we will see whether that momentum can continue through the rest of 2026.
