Mumbai property market continues strong run, records best-ever September

MUMBAI: Mumbai, the country’s largest and most expensive property market, has continued its momentum, recording its strongest September performance ever, with the city’s ongoing infrastructure upgrade and improving connectivity across established and emerging corridors supporting housing demand.

The beginning of the festive season further added impetus to the market, helping the city record 12,560 property registrations in September, up 4% on-year, while the state exchequer collected Rs 1,242 crore in stamp duty, according to data from the Inspector General of Registration and Controller of Stamps, Maharashtra.

“The strong performance during Ganesh Chaturthi, with registrations rising 22% on-year, provided a notable contribution to the month’s overall activity. The increase in registrations during both the festive period and the month reflects continued homebuyer participation, although buyers remain selective in their purchase decisions,” said Shishir Baijal, International Partner & CMD, Knight Frank India.

Stamp duty collections, however, declined 4% on-year, primarily reflecting a shift in the transaction mix.

“The ongoing expansion of transport and civic infrastructure is widening the residential demand footprint, improving accessibility to emerging corridors while strengthening connectivity in established locations. This is supporting demand across a broader set of micro-markets and providing developers with opportunities to add housing supply in locations benefiting from improved connectivity,” said Vishal N. Ratanghayra, founder & CEO, Platinum Corp.

According to him, the market is also witnessing higher inquiries and deal conclusions from the NRI segment in the backdrop of geopolitical uncertainties, specifically in the West Asia region.

“As developer-led infrastructure improvements, enhanced connectivity, and steady economic fundamentals continue to align, we anticipate this strong momentum to build further into the upcoming Navratri, Dussehra, and Diwali period,” said Kamlesh Thakur, President, NAREDCO Maharashtra and Co-Founder & MD, Srishti Group.

The Ganesh Chaturthi period particularly made a significant contribution to the month’s performance, with Mumbai recording 5,379 property registrations between September 14 and 25. Registrations during the period rose 22% year-on-year and were the highest for the festive period in the last four years.

Stamp duty collections during the festival period stood also rose 32% on-year to Rs 640 crore. This rise in both registrations and revenue during the festive period points to sustained homebuyer participation during one of the key transaction windows for the city’s residential market.

The September performance also builds on the strong transaction activity seen through much of the year. Mumbai recorded 12,580 registrations in August, 13,824 in July and 13,413 in June, indicating sustained transaction volumes across the market.

The market is expected to remain healthy, supported by festive demand, new project activity, redevelopment and infrastructure-led expansion into emerging residential corridors.

While buyers are turning more selective in their purchase decisions, locations offering stronger connectivity, quality developments and established social infrastructure are likely to continue attracting demand. Developers, in turn, are expected to remain focused on markets where underlying housing demand and infrastructure improvements provide greater visibility.

With this, Mumbai’s residential market is carrying strong momentum into the final quarter of the year, with record September registrations and robust festive activity reinforcing the depth of housing demand across the city.