Mumbai's Property Market Witnesses Unprecedented Growth in February

Mumbai, the country’s largest and most expensive property market, has achieved its strongest February performance ever, backed by steady end-user demand and a growing share of premium transactions.

The momentum reflects sustained buyer confidence amid stable macroeconomic conditions and continued infrastructure expansion across the city. The financial capital of the country witnessed 12,848 property registrations in February, a 6% increase from the same period last year, marking the highest tally for the month, according to data from the Inspector General of Registration and Controller of Stamps, Maharashtra. Stamp duty collections also rose by 20%, crossing Rs 1,118 crore, making it the strongest February on record for both registrations and revenue.

“Mumbai’s residential market is not merely witnessing a cyclical upswing; it is demonstrating structural stability, infrastructure-led growth, and long-term confidence, reaffirming its position as one of the country’s most robust real estate markets,” said Shishir Baijal, CMD of Knight Frank India.

Baijal further noted that the Mumbai civic body’s record budget, focused on projects like the Coastal Road and key link corridors, is expected to boost connectivity and expand residential catchments, reinforcing growth momentum.

“The February numbers reaffirm that serious homebuyers are making decisive purchase decisions. What is particularly encouraging is the depth of demand across micro-markets, indicating that absorption is not concentrated in just a few projects but is broad-based. Developers are responding with launches and sharper product positioning to align with evolving buyer expectations. As infrastructure delivery continues on schedule, we expect this steady conversion momentum to sustain through the coming quarters,” said Chintan Sheth, CMD of Sheth Realty.

Residential properties remained the primary growth driver, with suburban micro-markets continuing to attract the bulk of demand on the back of improving connectivity and product depth. On a month-on-month basis, registrations were up 15%, and revenue collections rose by 10%. The long-term trajectory underscores the structural expansion of Mumbai’s housing market.

February registrations have climbed from 4,840 units and Rs 241 crore in revenue in February 2013 to 12,848 units and Rs 1,118 crore in February 2026, reflecting the market’s depth and resilience over the past decade.

The ticket-size distribution reflected a clear shift toward higher-value homes. Properties priced above Rs 5 crore increased their share to 8% in February 2026 from 6% a year earlier. The Rs 2-5 crore segment expanded to 20% from 17%, while the Rs 1-2 crore category rose to 33% from 31%. In contrast, the sub-Rs 1 crore segment declined to 40% from 46%, reinforcing the tilt toward premium transactions and supporting the sharp rise in stamp duty collections.

Apartments up to 1,000 sq ft continued to dominate registrations, accounting for 81% of total transactions. Within this, the 500-1,000 sq ft segment remained the most preferred at 45%. Larger configurations also gained traction, with the 1,000-2,000 sq ft category rising to 15% from 12%, and units above 2,000 sq ft increasing to 4% from 3%, signaling an upgrade trend among a section of buyers.

Geographically, the suburban belt accounted for 87% of total registrations. The western suburbs strengthened their lead with a 57% share, up from 49% a year ago, while the Central Suburbs accounted for 30%, compared with 34% last year. The property market of South Mumbai held steady at 8%.