Mumbai and Pune Property Sales Decline: What Lies Ahead in the Festive Season?
Housing sales in Mumbai and Pune have seen a significant drop of 17% in the July-September period, primarily due to higher property prices. However, industry experts remain optimistic about a rebound during the festive season.
Housing SalesReal EstateMumbaiPuneProperty MarketReal Estate NewsOct 02, 2025
Sales in the year-ago period stood at 59,816 units. In the Mumbai Metropolitan Region (MMR), the sales decline was particularly pronounced. Thane, a key area in MMR, saw a 28% drop to 14,877 units from 20,620 units. Mumbai city itself witnessed an 8% decline, with sales falling to 9,691 units from 10,480 units. Navi Mumbai experienced a 6% decrease, with sales dropping to 7,212 units from 7,650 units.
In Pune, another significant housing market in Maharashtra, sales decreased by 16% to 17,762 units during July-September 2025 from 21,066 units in the corresponding period of the previous year.
Commenting on the market scenario, CREDAI's Mumbai chapter, the apex body of realtors, noted that the drop in sales during the September quarter should not be a major 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.'
The demand is expected to bounce back during the festive season, which began on September 22. Historically, festival quarters in Maharashtra have always revived momentum, and industry experts are optimistic about a similar trend this year.
Rushi Mehta, Secretary of CREDAI-MCHI, emphasized 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 the dominance of MMR and Pune in India's housing market. 'Together, these regions account for nearly half of India's housing market, underlining their importance. Investor confidence remains strong, supported by stable interest rates and regulatory clarity under RERA,' he said.
Looking ahead, the second half of FY25 is expected to see an uptick in absorption, driven by festive demand and policy initiatives towards affordable and mid-segment housing. According to PropEquity, the housing sales in India's top 9 cities, which include Bengaluru, Hyderabad, Chennai, Mumbai, Navi Mumbai, Thane, Pune, Kolkata, and Delhi-NCR, fell 4% year-on-year (YoY) and 1% quarter-on-quarter (QoQ) to 1,00,370 units in the July-September period.
Despite the current dip in sales, the real estate market in Mumbai and Pune is poised for a recovery, bolstered by strong infrastructure projects and favorable policy measures.
Frequently Asked Questions
What caused the decline in housing sales in Mumbai and Pune?
The decline in housing sales is primarily due to a sharp rise in residential property prices, which has dampened demand.
How significant was the decline in housing sales in the July-September quarter?
Housing sales in Mumbai and Pune declined by 17% in the July-September quarter, dropping to 49,542 units from 59,816 units in the year-ago period.
What are the key areas in the Mumbai Metropolitan Region (MMR) that experienced a decline in sales?
Thane saw a 28% decline to 14,877 units, Mumbai city experienced an 8% drop to 9,691 units, and Navi Mumbai witnessed a 6% decrease to 7,212 units.
What is the outlook for the housing market in MMR and Pune during the festive season?
Industry experts are optimistic about a rebound in demand during the festive season, which typically revives momentum in the housing market.
What measures are being taken to support the housing market in MMR and Pune?
Developers are aligning supply with genuine demand, and there is strong investor confidence supported by stable interest rates and regulatory clarity under RERA. Policy initiatives towards affordable and mid-segment housing are also expected to boost the market.
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