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Mumbai's property market recorded its best-ever September performance as home registrations surged and stamp duty collections grew sharply, defying the typical slowdown during the Shraddh period. Data from Knight Frank India revealed a notable rise in both property registrations and revenue, driven by the early onset of the festive season, stable demand, and steady buyer confidence across residential segments. Developers and industry experts noted that the market's strength reflected the city's resilience and sustained end-user interest.
Mumbai's property market achieved a record-breaking September performance, overcoming the usual lull associated with the inauspicious Shraddh period. According to Knight Frank India, property registrations across the Mumbai municipal region rose by 32% year-on-year to reach 12,070 units, while stamp duty collections expanded by 47% to INR 1,292 crore. Advertisement
The impressive rise was attributed largely to the shifting festive calendar. In contrast to last year, when the Shraddh period extended into October and delayed purchases, this year it concluded earlier and was immediately followed by Navratri, which sustained homebuying activity. This overlap contributed significantly to the city's strongest-ever September showing.
The data further indicated that residential properties accounted for nearly 80% of total registrations. Month-on-month, registrations rose by 7%, while revenue collections increased by a notable 29%, demonstrating continued market momentum despite affordability challenges at the lower end of the spectrum.
Mr Prashant Sharma, President of NAREDCO Maharashtra, remarked that the robust registration numbers reflected the continued confidence of homebuyers in Mumbai's real estate sector. He said the growth underscored the market's maturity and that the earlier start to the festive season had further strengthened its momentum.
Mr Kaushal Agarwal, Chairman of The Guardians Real Estate Advisory, commented that the surge in registrations emphasised end-user demand as the primary growth driver. He added that with a favourable festive calendar, stable lending rates, and a steady supply pipeline, the outlook for the coming quarter appeared highly encouraging.
Ms Shraddha Kedia-Agarwal, Director at Transcon Developers, observed that the strong sales performance showcased renewed enthusiasm among buyers across various price categories. She noted that festive sentiment had revived optimism, motivating developers to meet evolving lifestyle aspirations.
Mr Dhruman Shah, Promoter of Ariha Group, stated that the robust growth reaffirmed real estate as a trusted and rewarding investment class. He expressed optimism that the ongoing festive demand would maintain this positive trajectory, bolstering confidence among both buyers and developers.
With the festive period sustaining momentum, developers and buyers alike appeared confident about continued growth. Industry leaders suggested that stable interest rates, healthy supply levels, and persistent end-user demand would keep the city's property market buoyant through the coming months, reinforcing its reputation as one of India's most resilient real estate destinations.
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