Mumbai Property Market Soars: Top 5 Real Estate Stocks to Watch This Festive Season
Mumbai's property market hits record highs in September 2025, driven by festive demand. Nuvama highlights key real estate stocks to watch.
Real EstateProperty StocksMumbaiHousing RegistrationsFestive SeasonReal EstateOct 03, 2025
Let’s take a closer look at what the brokerage has to say about the sector and the key stocks to watch.
Property Stocks in the Spotlight: Nuvama Lists Out Key Beneficiaries
Nuvama, a prominent brokerage house, has identified several listed Mumbai-based developers as potential beneficiaries of the festive boost. These include Lodha, Oberoi, Godrej Properties, Sunteck, and Rustomjee. These companies are well-positioned to capture demand in both the luxury and mid-segment markets. Their strategic locations and new launches offer a competitive edge during the festive season.
Mumbai Housing Registrations Hit New Highs
According to the brokerage report, the number of housing units registered in Mumbai surged by 32% year-over-year (YoY) and 7% month-over-month (MoM) to 12,070 units in September 2025. The total value of these units also climbed sharply to INR 215 billion, up 47% YoY and 29% MoM. The average ticket size of homes rose 11% YoY to Rs 17.8 million, with residential properties accounting for roughly 80% of total registrations.
On the other side, luxury homes priced above Rs 50 million continued to gain traction. The brokerage noted that affordability challenges have reduced the share of smaller units priced below Rs 10 million.
“The Western suburbs continued to dominate demand, contributing more than half (~59%) to the overall registrations in September 2025,” the report added. Central suburbs accounted for 29%, while South and Central Mumbai combined contributed just 13%. On a year-to-date basis, the registrations have already crossed 111,938 units, up 6% YoY, with the total value hitting Rs 1.7 trillion, marking an all-time high.
Why This Matters: 3 Key Reasons You Need to Know
The brokerage house Nuvama, in its report, noted that the surge in registrations is being driven by three key factors:
1. Festive Season: This period has historically boosted real estate activity. Buyers take advantage of auspicious timings to make high-value purchases.
2. Strong Launch Pipeline and Potential Mortgage Rate Cuts: A robust pipeline of new launches combined with potential mortgage rate cuts could further enhance sales in Mumbai.
3. Rising Interest in Luxury and Mid-Segment Properties: This indicates a shift in buyer preferences, with larger homes and premium properties capturing more attention.
However, Nuvama also noted concerns. “Affordability emerges as a key concern,” the report stated. With supply sharply increasing, the market is now in a mid-cycle stage, which may limit significant price growth in the near term. Demand has already crossed the peak of the previous upcycle, and persistent issues like weak volume growth for mid-income homes and uneven job generation could keep stocks volatile and range-bound.
Frequently Asked Questions
What is driving the surge in Mumbai's housing registrations?
The surge in Mumbai's housing registrations is driven by the festive season, a strong launch pipeline, potential mortgage rate cuts, and a rising interest in luxury and mid-segment properties.
Which Mumbai-based developers are identified as key beneficiaries?
Nuvama has identified Lodha, Oberoi, Godrej Properties, Sunteck, and Rustomjee as key beneficiaries of the festive boost in Mumbai's property market.
How did the value of registered homes in Mumbai change in September 2025?
The total value of registered homes in Mumbai surged by 47% year-over-year and 29% month-over-month to INR 215 billion in September 2025.
What are the key concerns mentioned by Nuvama?
Nuvama noted concerns about affordability, the mid-cycle stage of the market, and persistent issues like weak volume growth for mid-income homes and uneven job generation.
What is the significance of the Western suburbs in Mumbai's housing market?
The Western suburbs of Mumbai dominated demand, contributing more than half (59%) to the overall registrations in September 2025.
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