Housing Sales Decline 17% in Mumbai and Pune: Festive Season Expected to Boost Market
Housing sales in Mumbai and Pune have dropped by 17% in the July-September quarter due to higher property prices. However, real estate experts are optimistic about a market revival during the festive season.
Real EstateHousing SalesMumbaiPuneFestive SeasonReal Estate MaharashtraOct 02, 2025
Sales in the primary housing market of Thane in the Mumbai Metropolitan Region (MMR) saw a 28% decline, with only 14,877 units sold compared to 20,620 units in the previous year. In Mumbai city, sales fell by 8% to 9,691 units from 10,480 units, while Navi Mumbai witnessed a 6% decrease to 7,212 units from 7,650 units.
In Pune, a key housing market in Maharashtra, sales fell by 16% to 17,762 units during the July-September 2025 period from 21,066 units in the corresponding period of the preceding year.
Commenting on the market scenario in MMR, Sukhraj Nahar, President of CREDAI-MCHI (Confederation of Real Estate Developers' Associations of India, Mumbai chapter), stated that the fall in sales during the September quarter should not be a cause for concern. He added that the demand is expected to bounce back during the festive season, which began on September 22.
"While Q3 reflected a period of market recalibration, the demand drivers for housing in MMR and Pune remain extremely robust," Nahar said. "Infrastructure upgrades like Metro corridors, coastal roads, and NMIA continue to act as strong long-term catalysts."
Rushi Mehta, Secretary of CREDAI-MCHI, noted that the end-user demand remains strong. "Short-term fluctuations are largely due to high base effect and cautious launches. Developers are aligning supply with genuine demand, which will ensure long-term market stability," he explained.
Nikunj Sanghavi, Treasurer of CREDAI-MCHI, highlighted that MMR and Pune together still account for nearly half of India's housing market, underlining their dominance. "Investor confidence remains strong, supported by stable interest rates and regulatory clarity under RERA (Real Estate (Regulation and Development) Act)," he said.
"We believe the second half of FY25 will see an uptick in absorption, aided by festive demand and policy push towards affordable and mid-segment housing," Sanghavi added.
According to PropEquity, the housing sales in India's top 9 cities fell by 4% year-on-year (YoY) and 1% quarter-on-quarter (QoQ) to 100,370 units in the July-September period. The top 9 cities are Bengaluru, Hyderabad, Chennai, Mumbai, Navi Mumbai, Thane, Pune, Kolkata, and Delhi-NCR.
Despite the current decline, real estate experts are optimistic about the market's recovery, particularly during the festive season. The combination of infrastructure improvements and supportive policies is expected to drive demand and stabilize the market in the coming months.
Frequently Asked Questions
What is the percentage decline in housing sales in Mumbai and Pune for the July-September period?
Housing sales in Mumbai and Pune declined by 17% in the July-September period compared to the same period last year.
Which areas in MMR saw the most significant decline in housing sales?
Thane in the Mumbai Metropolitan Region (MMR) saw the most significant decline, with a 28% drop in housing sales.
What factors are expected to boost the housing market during the festive season?
Infrastructure upgrades, stable interest rates, regulatory clarity under RERA, and policy push towards affordable and mid-segment housing are expected to boost the market during the festive season.
How do real estate experts view the current market situation in MMR and Pune?
Real estate experts view the current decline as a period of market recalibration and expect demand to bounce back, particularly during the festive season.
What is the expected trend for the second half of FY25 in the housing market?
The second half of FY25 is expected to see an uptick in housing absorption, driven by festive demand and policy support for affordable and mid-segment housing.
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