Mumbai City recorded 12,622 property registrations in September 2026, marking the highest September total in over 14 years and representing a 5% year-on-year increase. According to Knight Frank India analysis of Maharashtra Department of Registrations and Stamps data, this surge was primarily driven by the Ganesh Chaturthi festival from September 14-25, 2026, which recorded 5,379 registrations, up 22% YoY - the strongest festive-season performance in four years. The festival period alone accounted for more than 50% of the month's stamp duty collections, with the state government collecting ₹640 crore during the festival period, up 32% YoY - highlighting strong demand for premium and higher-value properties. September registrations were marginally higher than August's 12,580 units, indicating sustained momentum in the property market. However, stamp duty collections for the full month fell 5% YoY to ₹1,227 crore, primarily reflecting a shift in transaction mix.
Primary housing sales across Tier-1 cities were worth ₹3.63 lakh crore in H1 2026, almost unchanged from ₹3.65 lakh crore in H1 2025, according to the India Housing Report – September 2026 by the National Association of Realtors-India and CRE Matrix. However, the number of homes sold fell 2% to 2.58 lakh units, indicating a shift in market dynamics. The average ticket size rose only 2% to ₹1.41 crore from ₹1.38 crore, representing the lowest rise in three years and suggesting that rapid price increases seen in previous years are beginning to moderate. As per multiple reports, the numbers suggest that the era of easy, price-led growth is losing momentum, with higher prices no longer able to mask softer volumes. H1 2026 marks the first half in which growth paused rather than accelerated after three years of value-led expansion, as per CRE Matrix.
Developers launched 2.98 lakh housing units in H1 2026, representing a 7% increase from H1 2025 and 18% from H2 2025. This surge in new supply means buyers now have more projects and properties to compare. However, supply has increased faster than sales, so buyers should compare prices, specifications, location, and the developer's track record rather than assuming that new supply automatically means lower prices. The data suggests there is no broad-based fall in prices yet, but buyers have more homes to evaluate. The report characterises the market as one where supply is beginning to run ahead of absorption, creating a new test for the market: can demand keep pace without another sharp escalation in prices? The composition of that value has shifted significantly, with premiumisation consolidating rather than compounding, as per CRE Matrix.
MMR recorded the highest sales value at ₹93,800 crore and the highest number of homes sold at 24,500 units, with an average ticket size of ₹2.38 crore. The MMR's share of sales value reached 26%, overtaking NCR's 19% share last year's engine. At the same time, launches increased to around 35,000 units, the highest half-year level in the series, widening the gap between supply and absorption. Mumbai had the highest sales value at ₹58,362 crore, with 24,500 homes sold and a record average ticket size of ₹2.38 crore, while launches jumped approximately 40% to 22,400 units, marking a sharp reopening of supply after a two-year low. Bengaluru showed the strongest growth with ₹60,875 crore sales value, up 25%, and 34,600 units sold, up 7%, with average ticket size growing 17% to ₹1.76 crore. NCR fell about 24% as Gurugram's luxury surge unwound, while Bengaluru, Navi Mumbai and Chennai recorded the strongest gains.
According to Knight Frank India data, Mumbai's property market has reflected consistent growth over the years, with registrations showing remarkable progression. In September 2013, Mumbai recorded only 4,116 property registrations, making ₹247 crore as stamp duty revenue. From 2014 to 2019, registrations stood in the range of 4,000 and 5,500 units. Following this period, the market saw significant acceleration, with property registrations crossing 7,800 in 2021, rising to 10,600 in 2023, and now standing at 12,622 by 2026 despite global and economic challenges. Speaking on the development, Shishir Baijal, International Partner, Chairman and Managing Director of Knight Frank India, noted that "Mumbai's residential market has maintained strong demand momentum. September 2026 recorded the highest number of property registrations in more than 14 years. The 22% year-on-year increase in registrations during the Ganesh Chaturthi period made a major contribution to the month's overall performance." He added that "the strong festive-season performance reflects sustained and active participation from homebuyers, however, buyers are becoming more selective in their purchasing decisions, with projects offering better locations and high-quality infrastructure continuing to attract the most interest."
