Mumbai’s residential property market recorded its strongest Diwali-period performance in four years, with 3,683 property registrations between November 1 and November 11, 2026. The number was marginally higher than the 3,668 registrations recorded during the corresponding festive period in 2025, indicating that homebuyer activity remained broadly stable despite an already elevated base.
However, revenue collections increased at a considerably faster pace, rising 13% year over year to ₹384 crore from ₹339 crore during Diwali 2025. The figures, based on Maharashtra government’s property registration data analysed by Knight Frank India, suggest that higher-value transactions contributed to the increase in stamp duty collections. Both registrations and revenue collections reached their highest levels for the corresponding Diwali period since 2023.
Mumbai Records 3,683 Property Registrations During Diwali
Mumbai registered 3,683 properties during the 11-day Diwali period from November 1 to November 11, 2026.
The figure represents a 0.4% increase compared with the 3,668 registrations recorded during the corresponding period in 2025.
Although the growth in transaction volumes was modest, the latest performance marks a four-year high for the comparable festive period.
The data comes from the Maharashtra Department of Registrations and Stamps and was analysed by property consultancy Knight Frank India.
The increase suggests that Mumbai’s residential property market maintained its momentum during the festive season, even as the number of registrations remained relatively close to last year’s level.
Diwali Property Registration Comparison
| Year | Property registrations | Revenue collections |
|---|---|---|
| 2023 | 3,346 | ₹252 crore |
| 2024 | 2,339 | ₹231 crore |
| 2025 | 3,668 | ₹339 crore |
| 2026 | 3,683 | ₹384 crore |
The figures show that Mumbai’s property market recovered strongly after the weaker Diwali performance in 2024. Registrations increased sharply in 2025 and remained at a similar level in 2026, while government revenue continued to grow.
Stamp Duty Collections Jump 13% to ₹384 Crore
The biggest development in the latest data was the increase in government revenue from property registrations.
Maharashtra’s Department of Registrations and Stamps collected ₹384 crore during the 2026 Diwali period, compared with ₹339 crore in the previous year.
This represents a 13% year-on-year increase, significantly higher than the 0.4% growth in registration volumes.
The difference suggests that the average value of properties being registered increased during the period.
Stamp duty is a tax collected by the government when property ownership transactions are formally registered. The amount collected depends on factors such as the property’s applicable market value, transaction value and prevailing stamp duty rules.
When higher-value properties account for a greater share of registrations, government collections can increase even if the total number of transactions changes only slightly.
Shishir Baijal, chairman and managing director of Knight Frank India, said the stronger growth in revenue collections indicated that higher-value transactions were contributing to Mumbai’s property market performance.
The figures therefore point to a market in which transaction values are growing faster than registration volumes.
Mumbai Property Market Maintains Momentum in 2026
The Diwali performance was part of a broader period of activity in Mumbai’s residential property market.
The city recorded 12,690 property registrations in October 2026, representing a 9% increase compared with the same month last year.
Between January and October 2026, total property registrations reached 132,040 units, up 7% year over year.
The increase is notable because the market was already operating against a relatively high base from the previous year.
The sustained registration activity indicates that homebuyer demand has continued beyond individual festive buying windows.
Mumbai’s property market includes a wide range of residential segments, from affordable and mid-income housing to premium apartments and luxury developments. Demand across these categories is influenced by employment opportunities, household income, financing costs, infrastructure development and property prices.
The latest registration data suggests that buyers continued to participate in the market despite the higher property prices associated with several parts of the city.
Property Buying Activity Remains Strong Across Festive Periods
Mumbai’s property registrations were not limited to Diwali.
The city recorded 3,419 registrations during the Shraddh period between September 26 and October 10, 2026.
This period is traditionally considered inauspicious for property purchases by some homebuyers. However, the registration figures indicate that transactions continued during the period.
Activity increased further during Navratri, when Mumbai recorded 4,680 property registrations between October 11 and October 19.
The numbers suggest that homebuyer participation remained active throughout the festive calendar.
This pattern is relevant because property transactions in India have traditionally been influenced by cultural and religious buying periods. Many buyers prefer to complete purchases during festivals considered auspicious for major financial decisions.
However, the latest figures indicate that Mumbai’s residential market is maintaining activity across multiple periods rather than depending entirely on Diwali demand.
How Mumbai’s Diwali Property Market Recovered After 2024
The latest performance also reflects the recovery in Mumbai’s property registration market over the past two years.
During the Diwali period in 2023, Mumbai recorded 3,346 property registrations and ₹252 crore in revenue collections.
In 2024, registrations declined 30% year over year to 2,339 units, while revenue collections fell 8% to ₹231 crore.
The market recovered sharply in 2025. Registrations increased 57% to 3,668 units, while revenue collections rose 47% to ₹339 crore.
In 2026, registrations increased slightly to 3,683, but revenue collections climbed another 13% to ₹384 crore.
The latest figures indicate that the market has sustained the recovery recorded last year, with revenue growth outpacing the increase in transaction volumes.
What the Numbers Mean for Mumbai’s Real Estate Market
The difference between registration growth and revenue growth provides an important indication of the changing composition of property transactions.
A 0.4% increase in registrations suggests that the number of deals remained broadly stable. However, a 13% increase in collections indicates that the government generated more revenue from those transactions.
This may reflect a greater contribution from premium and higher-value properties, although the aggregate figures alone do not establish exactly which price segments drove the increase.
For developers, the sustained registration activity provides an indication of continued buyer participation. For investors, the higher collections offer another measure of the value flowing through the property market.
However, registration data should not be treated as a complete measure of housing demand. It does not independently reveal unsold inventory, new project launches, price appreciation or the financial position of individual developers.
The Bigger Picture
Mumbai’s Diwali property registrations highlight the continued strength of India’s largest residential property market. The city recorded its highest comparable festive-period registration count in four years, while stamp duty collections increased much faster than transaction volumes. This suggests that higher-value properties played a greater role in the market’s revenue performance.
The broader January–October figures also indicate that homebuyer activity has remained steady throughout 2026. However, the market’s next phase will depend on affordability, property prices, financing conditions and the supply of homes across different income segments. The latest data points to sustained activity, but it does not mean that every segment of Mumbai’s housing market is experiencing the same level of demand.
Looking Ahead
Mumbai’s property market will remain an important indicator of housing demand and investor confidence in India’s urban real estate sector. The continued growth in registrations, including during traditionally slower buying periods, suggests that demand is not restricted to a single festival or season. Developers and investors will be watching monthly registration data and stamp duty collections for signs of whether this momentum continues into the final months of 2026.
The 13% increase in Diwali revenue collections is particularly significant because it indicates that transaction values may be rising even as registration volumes remain relatively stable. Whether this trend continues will depend on the mix of properties sold, buyer affordability and broader economic conditions. For now, Mumbai has maintained its festive-season recovery, with both registrations and government collections reaching their strongest comparable Diwali levels since 2023.
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