According to Knight Frank India’s research of Inspector General of Registration (IGR) data, Mumbai had 80,221 property registrations in the primary and secondary markets in the first half of 2026, up 6% year on year. Stamp duty receipts also increased by 4% to ₹6,968 crore.

In June alone, the city recorded over 13,000 property transactions, a 15% increase over the previous year and the biggest monthly total in the last 14 years. The Maharashtra government collected almost ₹1,000 crore in stamp duty from these registrations, according to a study.

The Mumbai real estate market had over 12,315 property registrations in May 2026, up 7% year on year, the greatest number of registrations for the month of May in the previous 14 years.

How Mumbai property registrations stack up

June 2026 is expected to outperform the previous June peak in 2025, indicating that Mumbai’s housing industry will continue to thrive despite a high base. Property registrations are forecast to rise 7.3% year on year, while stamp duty collections are expected to rise 4%, reflecting a shift in transaction composition, with mid-market home sales accounting for a larger share than last year.

Property registrations are forecast to rise 7% sequentially from May 2026, while stamp duty collections are expected to rise 2%.

Mumbai’s residential market has maintained its strong momentum, with June 2026 seeing the most monthly property registrations in 14 years. This achievement was accomplished despite a strong foundation from the previous year, demonstrating the robustness of end-user demand and sustained homebuyer confidence,” stated Shishir Baijal, International Partner, Chairman, and Managing Director of Knight Frank India.

The market’s strength is further reflected in H1 2026 registrations, which increased on top of an already strong first half of 2025. While stamp duty collections remained largely stable over the same period last year, indicating a moderate increase in average transaction values, the strong increase in registrations suggests that demand is becoming more broad-based across buyer segments rather than concentrated in higher-value transactions. This demonstrates the depth and resilience of Mumbai’s residential market, he said.

The BMC is going forward with the implementation of an occupancy certificate (OC) amnesty initiative, which will provide relief to thousands of individuals living in buildings without a valid OC. The proposal, which will be presented to the civic standing committee on Thursday, complies with guidelines issued by the urban development department (UDD) on December 11, 2025.

Approximately 25,000 occupied buildings in Mumbai lack an OC because to builders’ procedural errors, pending compliances, infractions, or variations from approved plans. Residents who do not have an OC typically have difficulty receiving property-related services and approvals, despite the fact that the local body is not intended to authorize occupation without one.

Following the state government’s request, the BMC developed a Standard Operating Procedure (SOP) and implementation guidelines. However, during meetings with elected representatives, various ideas were made. At a meeting on February 19, 2026, corporators asked the BMC to expand the benefit to flats of all sizes, rather than the original rule of 80 square metres, and to cover all commercial buildings rather than only schools and hospitals. They also asked that all residential constructions with approved blueprints become eligible for OCs.

A draft proposal was then presented to the BMC’s standing committee in April 2026. However, due to concerns and suggestions from corporators, the idea was not taken up for consideration and was eventually withdrawn, seeking additional advice from the state government. To address the issues mentioned, the BMC sent a new proposal to the UDD on April 15, 2026, requesting changes and additional guidance. The government’s response is yet awaited.

Meanwhile, complaints from impacted homeowners and local representatives continue to stream in, putting increasing pressure on the BMC to start implementing the scheme under current government directions while waiting for further instructions.

The new planned approach will apply to residential structures, hospitals, and schools that were occupied before to November 17, 2016, and have valid planning authority approval. Residential units with a carpet size of up to 80 square meters will be eligible for incentives. Applicants must provide legitimate documentation to verify the legitimacy of approvals and proof of occupation.

Approximately 25,000 occupied buildings in Mumbai lack an OC because to builders’ procedural errors, pending compliances, infractions, or variations from approved plans. Residents who do not have an OC typically have difficulty receiving property-related services and approvals, despite the fact that the local body is not intended to authorize occupation without one.

Following the state government’s request, the BMC developed a Standard Operating Procedure (SOP) and implementation guidelines. However, during meetings with elected representatives, various ideas were made. At a meeting on February 19, 2026, corporators asked the BMC to expand the benefit to flats of all sizes, rather than the original rule of 80 square metres, and to cover all commercial buildings rather than only schools and hospitals. They also asked that all residential constructions with approved blueprints become eligible for OCs.

A draft proposal was then presented to the BMC’s standing committee in April 2026. However, due to concerns and suggestions from corporators, the idea was not taken up for consideration and was eventually withdrawn, seeking additional advice from the state government. To address the issues mentioned, the BMC sent a new proposal to the UDD on April 15, 2026, requesting changes and additional guidance. The government’s response is yet awaited.

Meanwhile, complaints from impacted homeowners and local representatives continue to stream in, putting increasing pressure on the BMC to start implementing the scheme under current government directions while waiting for further instructions.

The new planned approach will apply to residential structures, hospitals, and schools that were occupied before to November 17, 2016, and have valid planning authority approval. Residential units with a carpet size of up to 80 square meters will be eligible for incentives. Applicants must provide legitimate documentation to verify the legitimacy of approvals and proof of occupation.

The plan also accepts applications from builders, landowners, registered housing organizations, and, in some situations, individual flat owners via registered architects or licensed surveyors. A dedicated online gateway within the Auto-DCR system is suggested to allow applications to be submitted and processed.

As part of the relief measures, the BMC has recommended a 50% discount on various regularisation fees, including those for enclosed balconies, lofts, and other acceptable changes. Additional concessions have been offered for the regularisation of livable areas previously exempt from FSI calculations.

Civic officials have underlined that issuing OCs under the amnesty scheme does not erase developers or owners of their legal responsibilities, and that action against infractions can still be taken under applicable legislation.

The proposed policy is based on a previous OC amnesty scheme launched by the BMC in 2004, which applied to properties occupied prior to March 25, 1991. Residents’ subsequent demands resulted in suggestions to extend the eligibility period to January 6, 2012, and then to November 17, 2016. The state government has now largely agreed to the updated framework and directed the BMC to carry out the strategy with appropriate amendments.

According to a joint analysis by ANAROCK and Images Group, India’s organized retail real estate industry is shifting structurally, with top-tier malls in major cities experiencing record-low vacancies and high rental growth.

According to the survey, Grade A/A+ malls in Delhi-NCR are nearly full capacity, with vacancy rates as low as 0-2%, indicating complete occupancy in top assets. Mumbai, on the other hand, has emerged as the rental growth leader, with mall rentals increasing by 15-20% year on year, suggesting high demand from retailers and limited availability of quality space.

“On a year-on-year basis, Delhi-NCR’s Grade A+ malls have witnessed stronger rental appreciation compared to Grade A assets, indicating a widening gap driven by superior footfalls, tenant productivity, and asset positioning,” said Anuj Kejriwal, CEO – Retail & CEO – EMEA, ANAROCK Group. He stated that this pattern reflects the ongoing “flight-to-quality,” in which premium malls receive a disproportionate share of merchant demand.

The tighter supply environment is being driven by a mix of high consumer demand and aggressive expansion by both global and domestic merchants. “This surge in demand is essentially powered by expansion from international retailers and entertainment anchors,” Kejriwal stated, citing recent transactions involving brands such as Zara, Levi’s, and Foot Locker across key malls in the NCR and Mumbai.

Looking ahead, developers are preparing to meet this demand with a solid supply pipeline. By 2031, Delhi-NCR alone is likely to see approximately 19 million square feet of additional retail space, with over 45 million square feet of new supply projected throughout the top seven cities. “The substantial pipeline planned for Delhi-NCR is a testament to the long-term confidence developers have in the Indian consumer’s appetite for organized retail,” Kejriwal said.

Other metropolitan markets have also demonstrated resiliency. Bengaluru’s occupancy remains high, with vacancy rates ranging between 5-8%, thanks to consistent demand and growth in major corridors. Hyderabad is rising as a supply hub, with over 7 million sq. ft. predicted by 2031, while Pune is experiencing robust leasing activity fueled by major global companies. Meanwhile, rental trends in Chennai and Kolkata remain constant, with relatively minimal new supply.

As city centers become more crowded, a noteworthy trend influencing the sector is a shift toward suburban micro markets. In Mumbai, prospective constructions are more concentrated in Thane, Borivali, and Panvel, while Bengaluru’s growth is spreading to Sarjapur Road, indicating that future retail expansion would be tightly linked to residential growth corridors.

The research also emphasizes the increasing popularity of retail real estate as an institutional asset class. With historically low vacancy rates, stable rental appreciation, and a solid consumption-led demand outlook, the sector is expected to be worth $25-30 billion in investments. Furthermore, the redevelopment potential of 40-50 million square feet in underperforming assets increases the long-term opportunity.

As lease structures evolve and institutional participation grows, India’s retail real estate industry is primed for long-term growth, with Grade A/A+ properties driving the transformation and setting new performance benchmarks by the end of the decade.