The Brihanmumbai Municipal Corporation (BMC) restructured property tax in Mumbai by average 15.5% due to increased ready reckoner rates from FY26. No change to tax structure or rates themselves; the increase stems from higher capital values. Example: ₹50,000 annual tax becomes ₹57,500+.

First revision in nearly a decade; last occurred 2015, with scheduled 2020 hike deferred for COVID-19. Under Section 154(1C) of Mumbai Municipal Corporation Act 1888, capital value must be revised every five years, typically triggering tax increases.

Flats under 500 sq ft remain exempt from property tax, a 2022 decision retained. Maharashtra government said this waiver would save citizens ₹460 crore annually. Mumbai has 4,00,000 housing societies with individual tax bills to flat owners.

BMC deferred garbage fee collection (₹100–₹7,500 per establishment depending on size/nature) announced May 29, in view of property tax increase. Maharashtra CM Devendra Fadnavis and Deputy CM Eknath Shinde decided to defer the garbage levy.

In 2024, 63,244 units were registered in Mumbai, 4% higher than 60,930 in 2023. Nearly 50% had carpet area below 60 sqm (650 sq ft). Supply of 650–1,300 sq ft apartments nearly doubled in four years.

Of 63,244 units in 2024: 36,274 were 1–2 BHK (57%); 10,000+ were 3 BHK (15%); nearly 2,000 were 4 BHK (3%); over 6,200 were office or retail (10%).

1 BHK supply declined: 21,000 units in 2022, 18,000 in 2023, 15,000 in 2024. In 2023, 1–2 BHK represented 65% of launches; 3 BHK was 14%.

Price range: ₹20,000 to ₹1.6 lakh per sq ft; luxury deals reached ₹2.7 lakh per sq ft (Worli, 12 apartments, ₹202 crore).

Highest-launch areas: Bhandup West, Mulund West, Borivali West, Malad East, Oshiwara (over 1,000 units each). Other growth areas: Kurla East, Bandra West, Vile Parle East, Andheri East, Marol, Malad, Ghatkopar East, Vikhroli, Kandivali East.

North and Central Mumbai concentrated 90% of launches. Last six months of 2024: 27,000 units launched in Mumbai City (excluding Thane, Navi Mumbai). 2022 peak: 76,000 units. 2024 down 15% from 2022 but above 2019 levels.