Mumbai Housing Registrations Surge in November, but Affordability Concerns Persist
Mumbai’s residential real estate market delivered another strong month of property registrations in November 2025, even as signs of strain in affordability and slowing momentum among key developers begin to emerge.
According to the latest “Hot Property” report by Nuvama Research, Mumbai recorded 12,283 housing units registered in November 2025, up 20% year-over-year (YoY) and 5% month-over-month (MoM). This marks the second-highest November tally since 2013. In value terms, registrations rose 13% YoY to Rs 174 billion, supported by sustained demand in the mid-to-premium categories. Year-to-date, the city has logged an all-time high of 135,870 units, up 6% YoY, with total value touching approximately Rs 2.04 trillion, an 11% YoY increase.
Registrations across Maharashtra mirrored this strength. The state recorded 131,358 units in November 2025, a robust 23% YoY and 3% MoM rise. Year-to-date registrations in the state are up 4% YoY, underlining continued appetite for home ownership across regions.
Even with impressive registration numbers, Nuvama Research cautions that the Mumbai Metropolitan Region (MMR) is showing signs of moderation. As highlighted in their earlier work, “Making Sense of the Housing Cycle,” the region has moved into the mid-cycle stage, marked by elevated supply and a natural cooling of volumes. This moderation is particularly relevant for Mumbai-centric developers such as Lodha, Oberoi Realty, Godrej Properties, Sunteck Realty, and Rustomjee. The sharp jump in property prices over recent quarters has begun to test affordability constraints, particularly within the mid-income segment.
Key shifts in the property mix include a decline in the share of affordable and mid-segment properties (Rs 10 million and below) due to affordability pressures, from 48% in October 2025. Properties priced between Rs 10–20 million saw their share rise to 33%, up from 31% a year ago. The Rs 20–50 million segment remained stable, while properties priced above Rs 50 million increased to 7%, up from 5% in November 2024. Geographically, Western suburbs dominated demand with a 56% share, followed by Central suburbs (29%), South Mumbai (9%), and Central Mumbai (6%).
Average ticket size in Mumbai fell 6% YoY and 5% MoM to Rs 14.2 million for the month, though the YTD average rose 5% YoY to Rs 15 million, indicating higher-value transactions through the year. Home affordability has weakened sharply, driven by price inflation and stagnant income growth in several sectors. Volume-led demand has already surpassed the previous upcycle peak, making further acceleration dependent on improved affordability.
The market now requires better availability of mid-income housing and improved job creation, particularly amid global tariff frictions and K-shaped economic growth patterns. In the near term, Nuvama expects volatility to persist, with range-bound stock performance for most Mumbai-centric real estate players. Nuvama Research’s “Hot Property” update paints a picture of a real estate market that remains fundamentally strong in terms of demand but is increasingly showing stress fractures around affordability. While 2025 has already set record highs in housing registrations, the coming months may test the sustainability of this momentum unless income growth and housing supply dynamics recalibrate.
