Mumbai, the country’s largest and priciest property market, has set yet another benchmark by registering its highest-ever stamp duty collection for the month of May.The city’s real estate sector continues to display strong momentum, buoyed by steady demand from homebuyers despite rising property prices and the recent hike in ready reckoner (RR) rates introduced at the start of the financial year.
According to data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra, stamp duty revenue exceeded Rs 1,062 crore in May, compared to Rs 1,034 crore in the same month last year. This record collection came from over 11,565 property registrations. While growth in transactions for mid-range properties priced between Rs 1-5 crore slowed slightly, this did not affect revenue generation due to increased sales of properties valued above Rs 5 crore.
The share of such high-value transactions rose to 7% from 5% in May last year. On a year-to-date basis, Mumbai has seen a 24% rise in property registrations (totalling 64,461) and a 17% increase in stamp duty revenue, amounting to Rs 5,696 crore. Residential properties continued to dominate the market, accounting for 80% of May’s registrations.
Apartments up to 1,000 sq ft formed 83% of all deals, with 500–1,000 sq ft units being the most popular. Luxury sales also made headlines—businesswoman Leena Tewari set a national record by acquiring a property in Worli at Rs 2.83 lakh per sq ft, surpassing a recent deal by banker Uday Kotak. Despite RR rate hikes, the first two months of FY25 saw over 25,080 registrations and nearly Rs 2,200 crore in stamp duty collections—a 6% and 4% rise, respectively.
Experts believe the ongoing infrastructure development and anticipated interest rate cuts will further bolster the market, especially in the mid- and affordable segments.
Source: The Economic Times
