India, July 8 -- Mumbai real estate market has continued to clock record or near-record property registrations over the past two years. Yet, stamp duty collections have failed to keep pace and have, in fact, softened. According to industry experts, the trend is being driven less by falling property prices and more by a shift in the mix of homes being sold.

Experts say the slowdown in luxury and ultra-luxury home sales, coupled with moderating price appreciation, has reduced the overall value of property transactions even as sales volumes remain healthy.

Official data from the Maharashtra government show that Mumbai real estate market has consistently recorded more than 10,000 property registrations in several months since 2024, with som...