Mumbai property market hits record Rs 1,012 crore stamp duty in January as luxury home sales rise

NEW DELHI: Mumbai's property market hit a record high in January, collecting over Rs 1,012 crore in stamp duty despite fewer property registrations. The city saw 11,219 property deals, down 8 per cent from last year, but still marked the second-highest January on record.

High-value homes sales led the revenue growth, which implies that buyers are optimistic about this market, as ET reported.The increases in the collection of revenue from stamp duty, as it has risen by 2% compared to last year, reflect that more individuals are purchasing expensive houses. "While registration volumes eased, this partly reflects typical January seasonality and some operational disruptions toward month end.

The resilience in revenue points to a sustained end-user confidence, supported by stable economic conditions and ongoing infrastructure development," said Shishir Baijal, CMD, Knight Frank India.Homes made up 80 per cent of all property deals. Luxury homes priced above Rs 5 crore grew to 7 per cent of total sales, up from 6 per cent last year. Mid-range homes between Rs 1-2 crore also gained popularity, rising to 33 per cent from 30 per cent.

Parthh K Mehta, CMD, Paradigm Realty, said, "Buyers are increasingly prioritising quality, connectivity, and infrastructure upgrade over entry pricing. We are seeing stronger traction in mid-to-premium projects, especially in metro-linked micro-markets and business districts."Small homes up to 1,000 square feet remained most popular, making up 83% of all deals. The western suburbs led with 57% of all registrations, followed by central suburbs at 30%. South Mumbai stayed at 8%, while Central Mumbai dropped to 5%.The January numbers, though lower than December's figures, align with typical seasonal patterns. The market's shift toward higher-priced homes suggests a healthy trend, even as affordable housing faces some challenges.