Housing Sales in Mumbai and Pune Decline by 17% in Q3 2025

Housing sales in Mumbai and Pune saw a significant decline of 17% in the July-September period, dropping to 49,542 units from 59,816 units in the same period last year, according to real estate data analytics firm PropEquity. This decline is attributed to a sharp increase in residential property prices, which has dampened buyer demand.

In the Mumbai Metropolitan Region (MMR), the decline in sales was particularly notable in Thane, where sales fell by 28% to 14,877 units from 20,620 units. Mumbai city itself experienced an 8% drop in sales to 9,691 units from 10,480 units, while Navi Mumbai saw a 6% decrease to 7,212 units from 7,650 units. In Pune, a key housing market in Maharashtra, sales declined by 16% to 17,762 units from 21,066 units in the corresponding period of the previous year.

Despite the drop in sales, industry experts remain optimistic. CREDAI, the apex body of real estate developers in the Mumbai region, believes that the decrease in sales during the September quarter is a temporary adjustment and not a cause for concern. Sukhraj Nahar, President of CREDAI-MCHI, stated, 'While Q3 reflected a period of market recalibration, the demand drivers for housing in MMR and Pune remain extremely robust. Infrastructure upgrades like Metro corridors, coastal roads, and NMIA continue to act as strong long-term catalysts.'

Rushi Mehta, Secretary of CREDAI-MCHI, emphasized that 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, noted that MMR and Pune together still account for nearly half of India's housing market, underscoring their dominance.

Investor confidence remains robust, supported by stable interest rates and regulatory clarity under RERA. '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 said.

On a broader scale, PropEquity reported that housing sales in India's top 9 cities fell by 4% year-on-year (YoY) and 1% quarter-on-quarter (QoQ) to 1,00,370 units in the July-September period. The top 9 cities include Bengaluru, Hyderabad, Chennai, Mumbai, Navi Mumbai, Thane, Pune, Kolkata, and Delhi-NCR. The report suggests that while the market is currently experiencing a period of adjustment, the underlying fundamentals remain strong, and the festive season is expected to drive a resurgence in demand.

In conclusion, while the recent decline in housing sales in Mumbai and Pune is notable, it is seen as a temporary recalibration rather than a long-term trend. The robust infrastructure development, stable interest rates, and policy support for affordable housing are expected to boost demand and stabilize the market in the coming months.