Mumbai’s residential real estate market scaled a 14-year high in February 2026, recording 13,029 property registrations and generating Rs 1,134 crore in stamp duty revenue for the state. According to a report by Knight Frank India, this marks an 8% rise in registrations and a sharp 21% increase in revenue compared to February last year, underscoring a decisive shift toward higher-value transactions.
Residential properties accounted for nearly 80% of all registrations during the month. While overall volumes posted moderate growth, the significantly higher jump in revenue points to rising sales in the luxury and mid-income segments. Homes priced above Rs 5 crore now constitute 8% of total transactions, while the Rs 2–5 crore category has expanded to 20%. In contrast, properties priced below Rs 1 crore have seen their share decline from 46% to 40% over the past year, highlighting a clear move away from entry-level housing.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, noted in the report: “Demand remains largely end-user driven, with the mid-to-premium segments gaining traction, while suburban markets continue to dominate on the back of improving connectivity and expanding infrastructure.”
The Western Suburbs have emerged as the city’s dominant housing corridor, accounting for 57% of total market share, up from 49% a year ago. Meanwhile, the Central Suburbs’ contribution has slipped to 30%, and core city locations such as South and Central Mumbai have seen limited movement due to high prices and constrained supply. The report states: “The Western Suburbs have further consolidated their leadership, reinforcing their position as the city’s most active housing corridor.”
Infrastructure upgrades led by the Brihanmumbai Municipal Corporation (BMC), including the Coastal Road and major connectivity projects, have played a catalytic role in boosting suburban appeal. As Knight Frank India concludes: “This sustained momentum is a testament to the inherent strength and depth of Mumbai’s residential sector.”
Source: Financial Express
