Mumbai real estate market registered 15,516 property registrations, a marginal increase from 15,501 in March 2025, according to Maharashtra IGR data accessed by Knight Frank. Stamp duty collections, on the other hand, fell by 6 per cent to ₹1,492 crore in March 2026, from ₹1,589 crore in March 2025.
On a year-on-year (YoY) basis, registrations remained stable, witnessing a marginal growth matching the elevated levels seen in March last year. Stamp duty collections, however, were lower by six per cent YoY, primarily reflecting a shift in transaction mix, Knight Frank said in its monthly report.
According to the report, on a sequential basis (compared with February 2026), activity strengthened notably as the financial year drew to a close. Registrations rose 19 per cent month-on-month (MoM), while stamp duty collections increased by 32 per cent MoM, indicating sustained end-user demand supported by stable macroeconomic conditions, ongoing infrastructure upgrades, and positive buyer sentiment.
The report said that, among total property registrations, residential properties continued to dominate, accounting for nearly 80 per cent.
“This marks the highest monthly registration volume for the month of March in the past 14 years, surpassing previous years’ high observed in March 2025, underscoring the continued depth and resilience of the city’s residential market,” the report said.
“Mumbai’s residential market has demonstrated a notable growth with March 2026 registrations surpassing last year’s already elevated base to record the strongest March in over a decade. This growth reiterates the depth of end-user demand in the city, supported by stable economic conditions and sustained buyer confidence. The momentum is particularly evident in the mid-income segment, where aspiring homeowners are actively upgrading to better quality housing within accessible price bands,” said Shishir Baijal, International Partner, Chairman and Managing Director, Knight Frank India.
“While variations in stamp duty collections reflect a shift in ticket size mix, the steady rise in transaction volumes highlights a structurally healthy market. We hope this demand-led trajectory continues in the near term, anchored by favourable fundamentals and Mumbai’s enduring appeal as a residential destination,” Baijal said.
Shift towards Mid Segment
According to the report, the Mumbai real estate market witnessed a clear shift toward the mid-segment in March 2026, with the share of properties priced between ₹1–2 crore increasing to 38 per cent from 32 per cent a year earlier.
In contrast, the sub- ₹1 crore segment declined from 46 per cent to 39 per cent, indicating a gradual move away from entry-level housing. Higher ticket segments remained largely stable, with the ₹2–5 crore and ₹5 crore+ categories holding steady at 17 per cent and 6 per cent, respectively. This suggests that the expansion in transaction values is being driven by upgradation within the mid-income bracket rather than a broad-based shift toward premium housing, the report said.
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Properties up to 1,000 sq ft continue to lead in registrations
The report said that apartments up to 1,000 sq ft continued to dominate registrations in March 2026, accounting for 85 per cent of total transactions, underscoring Mumbai’s sustained preference for compact homes.
Within this, the 500–1,000 sq ft segment strengthened its lead, increasing its share to 47 per cent from 44 per cent a year earlier, reflecting a preference for more efficient yet liveable configurations. Meanwhile, units below 500 sq ft saw a marginal decline from 40 per cent to 38 per cent, while larger unit categories remained broadly stable. This trend indicates a gradual shift toward slightly larger, more functional homes, as buyers look to balance affordability with improved living standards.
According to the report, the western suburbs further strengthened their dominance, with the share increasing to 56 per cent from 49 per cent a year earlier, reinforcing their position as Mumbai’s most active housing corridor.
The report said that in comparison, the Central Suburbs saw a moderation in share to 32 per cent from 35 per cent, though they continue to remain a key contributor to overall volumes. Core city markets, including South Mumbai and Central Mumbai, witnessed a decline in share to 6 per cent each, reflecting relatively higher price points and limited supply.
Overall, the distribution highlights a continued preference for well-connected suburban locations, where buyers find a more favourable balance of affordability, accessibility, and product availability, the report said.
