Mumbai Real Estate Leads National Housing Sales in Q3 2025
Mumbai's real estate market recorded the highest residential sales volume in India, with 24,706 units sold in Q3 2025, marking a 2% year-over-year increase. The office market also saw robust growth in average transacted rents.
Mumbai Real EstateHousing SalesResidential MarketOffice MarketReal Estate ConsultancyReal EstateOct 13, 2025
According to the report, Mumbai continued to lead India’s residential sales chart in Q3 2025, recording the highest sales volume nationwide at 24,706 units, registering a marginal 2% YoY increase. This performance indicates stable end-user demand across the city, the report said.
Bengaluru followed after Mumbai with 14,538 units, showing steady demand but a 2% dip in year-to-date numbers. Delhi-NCR, on the other hand, registered 12,955 units, a 5% decline year-to-date, while Pune saw the sharpest decline, with sales dropping 8% year-over-year.
Among the southern markets, Hyderabad (9,601 units) and Chennai (4,617 units) posted healthy year-on-year growth of 5% and 12%, respectively. Ahmedabad saw a modest 3% annual rise, while Kolkata inched up 2% YoY but remained 7% lower on a YTD basis, the report revealed.
The average residential prices in the Mumbai real estate market saw a healthy appreciation, climbing by 7% YoY in Q3 2025, driven primarily by sustained traction in the higher ticket-size segments (above ₹1 crore). New launches in the Mumbai market moderated, dropping by 19% YoY to 19,145 units. This cautious approach by developers was instrumental in limiting the overall national tally of new launches during the quarter, reflecting a preference for capital preservation and focus on project execution, the report said.
Mumbai's residential market continues to drive residential sales, recording the highest sales volume in India at 24,706 units. The market is primarily driven by end-users committed to premiumization. The 7% year-on-year price appreciation underscores the steady demand, said Gulam Zia, Senior Executive Director, Research, Advisory, Infrastructure and Valuation, Knight Frank India.
Despite a pronounced base effect from Q3 2024, Mumbai’s office market average transacted rents grew by a healthy 11% YoY, reflecting sustained demand for premium Grade A spaces across the city's key business districts. This is the thirteenth consecutive quarter in which year-on-year rent growth has been stable or positive for Mumbai, according to the report.
Office transaction volumes for Mumbai stood at 0.18 million sq m (1.9 million sq ft) in Q3 2025. While this represents a 27% YoY decline, Mumbai, along with Bengaluru and NCR, accounted for half of the total volumes transacted in India, underscoring its continued relevance as a major commercial hub.
The city saw 0.14 million sq m (1.6 million sq ft) of new office space delivered during the quarter, marking a significant 94% YoY growth in completions. This substantial delivery comes on the back of development activity consistently lagging behind transactions since the beginning of 2023.
The stability in Mumbai's commercial sector is undeniable. With average transacted rents growing by a healthy 11% year-on-year, we have now seen thirteen consecutive quarters of stable or positive rental growth. This sustained performance, coupled with a significant 94% surge in new completions, signals a healthy and mature market where demand for high-quality Grade A space remains robust, confirming Mumbai's status as a premier commercial destination, Zia said.
Frequently Asked Questions
What was the highest residential sales volume in Q3 2025?
Mumbai recorded the highest residential sales volume in Q3 2025 with 24,706 units sold.
What was the year-over-year increase in residential sales for Mumbai?
Mumbai saw a marginal 2% year-over-year increase in residential sales in Q3 2025.
How much did average residential prices in Mumbai appreciate in Q3 2025?
The average residential prices in Mumbai appreciated by 7% year-over-year in Q3 2025.
What was the growth in average transacted rents in Mumbai's office market in Q3 2025?
Mumbai’s office market average transacted rents grew by a healthy 11% year-over-year in Q3 2025.
How much new office space was delivered in Mumbai in Q3 2025?
Mumbai saw 0.14 million sq m (1.6 million sq ft) of new office space delivered in Q3 2025, marking a 94% year-over-year growth in completions.
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