Mumbai Logs ₹1,062 Cr in May Stamp Duty as Luxury Property Sales Hit New Highs

Mumbai, India’s most expensive real estate market, registered over ₹1,062 crore in stamp duty collections in May 2025—a new monthly high for the month—despite a marginal dip in mid-range property transactions.

New Milestone in May Collections

According to the Inspector General of Registration (IGR) and the Controller of Stamps, Maharashtra, the city recorded 11,565 property registrations in May 2025. This slightly trails May 2024's 11,999 deals, which generated ₹1,034 crore. However, revenue collection surged thanks to an increase in higher-value transactions.

Luxury Segment Powers Revenue Growth

Analysts noted that although transactions in the ₹1–5 crore bracket saw a slowdown, this was offset by strong activity in the luxury segment—properties priced above ₹5 crore. These high-value sales ensured revenue remained robust even as overall deal volumes saw a minor drop.

Upward Trend in First Five Months of 2025

Between January and May 2025, Mumbai clocked 64,461 registrations, marking a 24% year-on-year rise. Stamp duty revenue during the same period exceeded ₹5,696 crore, up 17% from last year. The city’s property market appears to have sustained momentum in spite of rising prices and the state’s hike in ready reckoner (RR) rates that came into effect this fiscal year.

April–May Data Reflects Resilience Post-RR Rate Hike

In the first two months of FY25, property registrations in Mumbai rose 6% year-on-year to over 25,080 transactions. Stamp duty revenues also climbed 4%, reaching nearly ₹2,200 crore, indicating that the RR hike has not deterred end-user demand.

Luxury Homes Capture Bigger Share

Properties priced above ₹5 crore accounted for 7% of total registrations in May 2025, up from 5% in the same month last year. The shift points to an expanding appetite for premium real estate in the city.

Residential Demand Continues to Dominate

Residential properties made up 80% of all registrations in May, reaffirming the dominance of end-user demand in Mumbai’s market. Apartments under 1,000 sq ft remained the most transacted, contributing 83% of residential deals. Within this, the 500–1,000 sq ft category held the largest share at 44%.

Record-Breaking Deals Highlight Market Confidence

Among the standout transactions, businesswoman Leena Tewari set a new national benchmark by purchasing luxury property in Worli at ₹2.83 lakh per sq ft—surpassing the earlier record of ₹2.75 lakh per sq ft set by banker Uday Kotak in the same area just weeks prior.

News Disclaimer: This article is based on publicly available data and market analysis. Figures and interpretations are subject to change based on official revisions and market updates. Always consult with registered real estate professionals before making property-related decisions.