The Mumbai real estate market has continued to record or near record property registrations in the last two years. Yet, stamp duty collections have failed to maintain momentum and have, in fact, softened. According to industry experts, this trend is being driven less by falling property prices and more by a change in the mix of homes being sold.
Experts say the slowdown in sales of luxury and ultra-luxury homes as well as softening of prices have reduced the overall value of property transactions, even as sales volumes remain healthy.
Official data from the Maharashtra government shows that the Mumbai real estate market has recorded more than 10,000 property registrations for several consecutive months since 2024, with some months exceeding 15,000. Although transaction volumes have remained strong, the total value of these deals has not grown at the same pace, resulting in weak growth in stamp duty collections.
This trend has become more pronounced in the last few months. Between February and June 2026, more than 12,000 properties were registered every month in Mumbai. In February, 13,029 properties were registered, producing ₹1,134 crore in stamp duty. Registrations increased to 15,983 in March, leading to increase in collections ₹1,534 crores. However, despite 14,286 registrations in April, stamp duty collections declined ₹1,134 crores. In May, 12,403 properties were registered, producing ₹Rs 1,055 crore in stamp duty, while 13,302 registrations were registered in June, with stamp duty collection ₹1,077 crores.
For example, March recorded about 23% more property registrations compared to February, while stamp duty collections increased by about 35%, indicating a greater share of high-value transactions, experts said.
In April, stamp duty collections declined over February, despite over 14,000 property registrations ₹1,134 crore, suggesting a decline in the average transaction value. Similarly, 899 more registrations were recorded in June compared to May, but stamp duty collections increased ₹22 crore, underscoring the shift towards low-ticket transactions.
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Here’s what real estate experts say
According to real estate experts, the softening in stamp duty collections is more driven by a change in transaction mix than stagnation or decline in property prices.
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“It’s more about transaction mix than falling or stagnant prices. With lower average ticket sizes compared to new premium launches, buyers are increasingly preferring mid-segment and resale homes. Registration of luxury and ultra-premium properties, which contribute heavily to stamp duty revenues, had moderated recently when the Middle East war disrupted oil flows and supply chains and created hesitation among non-resident Indians (NRIs), ” said Santosh Kumar, Vice President, ANAROCK Group.
“Even if listed prices remain stable, incentives such as subvention schemes and payment plans may also depress the stated transaction value. Other exemptions, such as female co-owners and seasonality or higher base year effects, add to the month-on-month variation. The numbers are expected to rise now as oil and supply flows normalize and the stock market rallies,” Kumar said.
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“The post-pandemic period created an exceptionally high base for comparison. Between 2021 and 2024, rising residential prices, a surge in premium and luxury housing launches, and strong demand fueled record stamp duty collections. As the market enters a more stable phase, monthly collections are increasingly reflecting normalized pricing rather than extraordinary price appreciation. In my view, this is a sign of a maturing real estate market and a natural part of the market cycle. One should not read too much in moderation,” said Vikram. Mehta is a Mumbai-based real estate consultant specializing in the western suburbs.
