New Delhi: Mumbai tops India in residential sales for Q3 2025, while the city's office market witnessed an 11 per cent year-on-year (YoY) increase in average transacted rents, a report said on Monday. Mumbai continued to lead India’s residential sales chart in Q3 2025, recording the highest sales volume nationwide at 24,706 units, registering a marginal 2 per cent YoY increase, the report from Knight Frank India said.
This performance indicates stable end-user demand across the city, the report added. The average residential prices in Mumbai saw a healthy appreciation, climbing by 7 per cent YoY in Q3 2025, fuelled by demand for properties priced above Rs 10 million. New launches in the Mumbai market moderated, declining by 19 per cent YoY to 19,145 units, as developers limited the overall national tally of new launches for capital preservation and focused on project execution, the report noted.
The rental growth reflected sustained demand for premium Grade A spaces across the city's key business districts. This is the thirteenth consecutive quarter where year-on-year rent growth has been stable or positive for Mumbai. Mumbai's office transaction volumes reached 0.18 million square metres (1.9 million sq ft) in Q3, marking a 27 per cent decline year-on-year.
Despite this drop, the city, along with Bengaluru and the National Capital Region, represented half of India's total office transaction volumes. "The stability in Mumbai's commercial sector is undeniable. The growth signals a healthy and mature market where demand for high-quality Grade A space remains robust, confirming Mumbai's status as a premier commercial destination,” said Gulam Zia, Senior Executive Director, Research, Advisory, Infrastructure and Valuation, Knight Frank India.
The city saw 1.6 million square feet of new office space delivered in the quarter, marking a 94 per cent YoY growth in completions, following a period of development activity lagging behind transactions since early 2023.
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