Mumbai property stamp duty collection hits May record high led by luxury sales

Mumbai, the country’s largest and most expensive property market, has continued to set new benchmarks by scaling yet another record by registering the best performance in terms of stamp duty collection for the month of May ever.

The market has extended its momentum of robust sales activity, supported by sustained demand from homebuyers despite steady growth in property prices and the government’s recently announced hike in ready reckoner (RR) rates from the start of the new financial year.

The state exchequer fetched revenue worth over Rs 1,062 crore through stamp duty collection, compared with Rs 1,034 crore a year ago. The country’s financial capital recorded this revenue on the back of registrations exceeding 11,565 deals during the month, according to data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra.

“While the pace of growth in registrations slowed in May impacted by properties priced between Rs 1-5 crore. However, this did not impact the revenue collection, owing to higher sales velocity for properties priced above Rs 5 crore,” said Shishir Baijal, CMD, Knight Frank India.

According to him, on a year-to-date basis, Mumbai recorded a 24% on-year increase in registrations, totalling 64,461 properties, and a 17% rise in revenue, with stamp duty collections exceeding Rs 5,696 crore.

“The sustained momentum, even amid pricing shifts, underscores the resilience and depth of Mumbai’s real estate market. With ongoing large-scale infrastructure upgrades across the region and strong end-user demand, recent and anticipated interest rate cuts are likely to further support sales, especially in the mid-income and affordable segments where aspirations continue to rise,” said Sandeep Runwal, MD, Runwal Realty and Vice Chairman, NAREDCO Maharashtra.

In the first two months of the current financial year, since the RR rates have been hiked, the property registrations have risen 6% to over 25,080 deals with a 4% increase in stamp duty collection at nearly Rs 2,200 crore.

Share of properties worth Rs 5 crore and above increased to 7% in May from 5% a year ago and this uptick in revenue is attributed largely to the rise in transactions in this segment.

The market continued to be driven by residential demand, with 80% of all registrations in the month attributed to residential properties.

Incidentally, businesswoman Leena Tewari set a new national record in May by purchasing luxury residential property in Mumbai’s plush Worli locality at Rs 2.83 lakh per sq ft, surpassing the previous record set just weeks earlier by billionaire banker Uday Kotak, who acquired property in the same vicinity at Rs 2.75 lakh per sq ft.

Apartments up to 1,000 sq ft continued to dominate Mumbai’s residential registrations in May 2025, accounting for 83% of all transactions--unchanged from the previous year.

Within this category, the 500-1,000 sq ft range remained the most preferred, with a 44% share. However, larger homes witnessed growing interest: units measuring 1,000-2,000 sq ft saw a marginal increase in share.