Mumbai, December 26: Housing sales across India’s top seven cities declined sharply in 2025, with the Mumbai Metropolitan Region bearing the brunt of the slowdown even as it retained its position as the country’s largest residential market. According to a report by real estate consultancy ANAROCK, total housing sales in the seven cities fell 14 percent year on year to 3.95 lakh units, compared to 4.59 lakh units sold in 2024.
MMR Sees Highest Sales but Steepest Pressure
The Mumbai Metropolitan Region recorded the highest number of housing sales at approximately 1,27,875 units in 2025. However, this also marked an 18 percent annual decline, reflecting mounting pressure from rising property prices, economic uncertainty and cautious buyer sentiment.
Despite the dip, MMR continued to anchor the national housing market. Along with Pune, the western corridor accounted for nearly half of all residential sales across the top seven cities, underlining Mumbai’s enduring pull for homebuyers and investors.
Fewer Homes Sold but Value Continues to Rise
Interestingly, while fewer homes were sold, the total value of housing transactions rose by 6 percent, crossing ₹6 lakh crore in 2025 compared to ₹5.68 lakh crore the previous year. In Mumbai, this trend was driven largely by steady demand for premium and luxury homes, even as mid segment buyers remained cautious.
ANAROCK attributed the fall in volumes to hardening property prices, layoffs in the IT sector, geopolitical tensions and broader economic uncertainties that affected buyer confidence through the year.
Mumbai Among Cities Hit Hardest by Sales Decline
Along with Pune and Hyderabad, Mumbai was among the cities most impacted by the slowdown. Pune recorded sales of around 65,135 units, a 20 percent decline, while Hyderabad saw a sharper 23 percent fall. Bengaluru and Delhi NCR witnessed relatively moderate declines, while Chennai emerged as the only city to post growth in sales during the year.
Collectively, MMR, Pune, Bengaluru, Hyderabad and NCR accounted for 90 percent of total housing sales in 2025.
Launch Activity Remains Strong in Mumbai
Even as demand softened, new housing launches in Mumbai remained robust. The report noted a marginal 2 percent increase in new launches across the top cities, with MMR and Bengaluru together contributing nearly half of the new supply in 2025. Mumbai continued to be a key contributor, driven by projects from branded developers focusing on larger and higher priced homes.
Outlook Hinges on Rates and Prices
According to ANAROCK Chairman Anuj Puri, the housing sector’s recovery in 2026 will depend largely on RBI rate cuts and developers exercising price restraint. Lower home loan interest rates could revive demand, especially in markets like Mumbai where affordability remains stretched.
While unsold inventory in MMR declined marginally by 1 percent, reflecting controlled supply, the report indicated that the shift towards premium housing is likely to continue, reinforcing Mumbai’s status as a high value but increasingly selective market.
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