Mumbai's residential real estate market maintained its upward trajectory during the festive season, recording its highest Diwali-period registrations and revenue collections in four years. According to data from the Maharashtra Department of Registrations and Stamps (IGR) analysed by Knight Frank India, the city registered 3,683 properties during the 11-day Diwali window, a marginal 0.4% year-on-year increase over last year's base of 3,668 units. Meanwhile, revenue collections grew at a faster pace of 13% year-on-year to reach ₹384 crore, up from ₹339 crore in the corresponding period last year, reflecting strong traction in higher-value housing segments.
Industry leaders weigh in on the robust market fundamentals, buyer resilience, and surging demand shaping the momentum during the festive period of Diwali.
Industry leaders weigh in on the robust market fundamentals, buyer resilience, and surging demand shaping the momentum during the festive period of Diwali.
Mr. Ram Naik, Co-founder & CEO, The Guardians Real Estate Advisory
“The 2026 Diwali registration figures reflect a mature, confident, and value-driven Mumbai housing market. While transaction volumes held steady at 3,683 units despite a high base from last year, the 13% jump in stamp duty collections to ₹384 crore clearly signals strong traction in the mid-premium and luxury segments. Furthermore, the continued buying activity across Shraddh, Navratri and Diwali reflects sustained underlying demand, with auspicious occasions continuing to play an important role in homebuying decisions. This, alongside attractive developer schemes, stable interest rates and strong conversion rates on the ground, is contributing to the market's continued momentum.”
Mr. Vedanshu Kedia, Director, Prescon Group
“Mumbai’s real estate sector has once again demonstrated its resilience by clocking four-year-high Diwali registrations and a 13% jump in revenue collections. What stands out this festive season is the seamless continuity of demand from Shraddh and Navratri straight through Diwali, signaling that buyer sentiment remains insulated from short-term fluctuations. As buyers and investors continue to prioritize thoughtfully designed properties with strong connectivity and lifestyle value, we expect this positive trajectory to carry well into 2027.”
Mr. Navin Makhija, Managing Director, The Wadhwa Group
“The Diwali 2026 registration numbers underscore the enduring depth and stability of Mumbai’s residential market. A 13% year-on-year increase in revenue collections to ₹384 crore, reaching a four-year festive high indicates sustained confidence among affluent and aspirational homebuyers seeking trusted brands and integrated lifestyle developments. Combined with a 7% rise in cumulative registrations between January and October, the data reflects a structurally healthy market driven by genuine end-user demand and improving urban infrastructure.”
Mr. Shilpin Tater, Managing Director, Superb Realty
“Recording a four-year high during the Diwali window reaffirms the deep-rooted strength of Mumbai’s residential sector. The 13% growth in revenue collections outpacing unit volume growth highlights a clear consumer shift toward larger configurations, superior amenities, and trusted developers. The end-user demand continues to anchor the market, setting a strong foundation for sustained sales velocity through the final quarter of the year.”
Ms. Shraddha Kedia-Agarwal, Director, Transcon Developers
“Mumbai’s festive real estate performance this Diwali is a testament to evolving homebuyer aspirations, where lifestyle upgrades and long-term value creation take center stage. The sharp 13% rise in revenue collections to almost ₹400 crore reflects strong demand for well-planned, spacious residences in prime and emerging suburban micro-markets. Equally encouraging is the steady momentum seen even during Shraddh and Navratri, proving that modern Mumbai homebuyers prioritize project quality, timely delivery, and connectivity above all else.”
Mr. Dhruman Shah, Promoter, Ariha Group
“Touching a four-year peak in both festive registrations and revenue collections highlights the remarkable consistency of Mumbai’s housing demand. Even against last year’s high base, clocking 3,683 registrations alongside a 13% rise in state exchequer revenue shows that buyers are decisive and willing to invest in upgraded living spaces. With steady traction across suburban growth corridors and redeveloped pockets, the festive season has provided tremendous momentum heading into the year-end.”
