Mumbai’s real estate market has delivered a record-breaking performance in February 2026, with the city registering 13,029 property transactions under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC). The registrations generated over ₹1,134 crore in stamp duty revenue for the state exchequer, marking the highest February performance in 14 years in terms of both transaction volumes and revenue collections, according to a report by Knight Frank India.
On a year-on-year (YoY) basis, property registrations rose 8 per cent compared to February 2025, while stamp duty collections surged by a sharper 21 per cent. Residential properties continued to dominate the market, accounting for nearly 80 per cent of total registrations during the month.
February 2026 witnessed a marked shift towards higher-value housing. The share of properties priced above ₹5 crore increased to 8 per cent, up from 6 per cent a year earlier. The ₹2–5 crore segment expanded to 20 per cent from 17 per cent, while the ₹1–2 crore category rose to 33 per cent from 31 per cent in February 2025.
In contrast, the sub-₹1 crore segment saw its share decline to 40 per cent from 46 per cent last year. This steady premiumization trend has directly contributed to the significant jump in stamp duty collections and indicates an upgrade cycle among homebuyers seeking better amenities, connectivity and long-term value appreciation.
Industry leaders share their insights on this continued upswing.
Mr. Prashant Sharma, President, NAREDCO Maharashtra
“The February 2026 registration numbers are extremely encouraging for Mumbai’s real estate sector. Recording over 13,000 property registrations, the highest February performance in 14 years, reflects the resilience and maturity of the market. The 21 per cent growth in stamp duty collections compared to an 8 per cent rise in registrations indicates a clear shift toward higher-value transactions, particularly in the ₹1–5 crore and ₹5 crore-plus segments. This trend highlights growing buyer confidence, stronger purchasing power, and a preference for quality housing in well-connected locations. With nearly 80 per cent of registrations driven by residential properties, the market continues to be fundamentally end-user-led, supported by stable macroeconomic conditions and ongoing infrastructure expansion.”
Mr. Ram Naik, Co-founder & CEO, The Guardians Real Estate Advisory
“The February data underscores a structural shift in Mumbai’s housing market, with premium and upper mid-income segments gaining further traction. The expansion of the ₹2–5 crore and ₹5 crore-plus categories, along with the significant jump in stamp duty collections, reflects an increase in average ticket sizes and an upgrade cycle among homebuyers. While apartments up to 1,000 sq. ft. continue to dominate overall registrations, the slight decline in their share suggests that buyers are gradually prioritizing larger, more lifestyle-oriented homes.”
Mr. Kamlesh Thakur, Co-Founder & Managing Director, Srishti Group
“Mumbai’s February 2026 performance reflects sustained end-user demand backed by positive economic fundamentals and expanding infrastructure networks. The steady rise in the ₹1–2 crore and ₹2–5 crore segments indicates that upwardly mobile professionals and business owners are increasingly viewing homeownership as both a lifestyle upgrade and a long-term wealth creation tool. The moderation in the sub-₹1 crore segment’s share points toward rising aspirations and income growth rather than weakening demand. Buyers are seeking projects that offer strong connectivity, modern amenities, and long-term appreciation potential, which is expected to keep the momentum intact in the coming months.”
Mr. Shilpin Tater, Managing Director, Superb Realty
“The highest February registrations in over a decade signal the depth and resilience of demand in Mumbai’s real estate market. The increase in premium transactions further demonstrates that aspirational and high-net-worth buyers remain active, reinforcing confidence in Mumbai’s long-term real estate growth story.”
Ms. Shraddha Kedia-Agarwal, Director, Transcon Developers
“The February registration figures reinforce the narrative that Mumbai’s real estate market is witnessing quality-driven and value-accretive demand. The combination of an 8 per cent rise in registrations and a 21 per cent surge in stamp duty collections clearly indicates a higher share of premium and large-ticket transactions. The growing contribution from the ₹1–5 crore and ₹5 crore-plus segments reflects a decisive shift toward lifestyle-oriented housing, while the Western Suburbs’ expanding share underscores buyer preference for well-developed micro-markets with seamless connectivity. The gradual move toward slightly larger homes further signals evolving buyer priorities focused on comfort and long-term liveability.”