Mumbai Real Estate Market Cools in 2025: Housing Launches and Project Registrations Decline
Mumbai’s real estate market saw a sharp cooling in 2025, with new housing launches falling to a five-year low even as the city continued to add tens of thousands of homes. Around 42,643 new units were launched during the year, a steep 40% decline from nearly 70,892 units in 2024, according to Maharashtra RERA (MahaRERA) data.
Project registrations also dropped to their lowest level in five years. In 2025, 689 new projects were registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA), marking a 5% decline, according to MahaRERA data.
According to the data, almost 57% of the total units launched in 2025 were 1 BHK and 2 BHK apartments. However, the launches of 2.5, 3, 3.5, and 4 BHK apartments have also remained steady over the last five years.
The areas with the highest launches in 2025, surpassing 1,000 units each, include pockets of Malad West, Kandivali West, and Mulund West.
Even as housing launches have slowed, project registrations with MahaRERA have also fallen to a five-year low. In 2025, 689 new projects were registered in Mumbai, representing a 5% decline from the 731 projects registered in 2024. This compares with 726 registrations in 2023, 912 in 2022, and 559 in 2021, according to MahaRERA data.
According to experts, while the velocity of new launches is down in 2025, it remains higher than in 2024, which suggests market conditions are better than those of pre-COVID-19 levels.
"While the velocity of new launches has decreased as compared to 2022, it remains higher than 2019, suggesting a post-COVID-19 revival in the real estate sector," said Rahul Ajmera, a developer at Vasupujya Corporation and a data expert who compiled the MahaRERA registration data.
"In Pune, where I operate and also in Mumbai, the environment clearance, which was stuck for almost one year, is also one of the contributing factors behind launches going down. The launches that have occurred in Mumbai and Pune in recent times are a natural cooling down, not an abnormal cooling down. For example, in the Mumbai real estate market, factors such as 50% discounts in premiums to developers, relaxation of Coastal Regulation Zone (CRZ) norms, and favourable market conditions did contribute to improved sales and launches, but the market conditions are naturally cooling down now," Ajmera said.
According to MahaRERA data, 24,271 of the 42,643 units launched in 2025 were 1 BHK and 2 BHK apartments.
In 2025, 23%, or over 10,000 units, were 2.5 BHK, 3 BHK, 3.5 BHK, and 4 BHK apartments. Additionally, 790 units of studio apartments were also launched in 2025.
The Mumbai real estate market also reported the launch of over 5,600 office spaces and shops, constituting approximately 13% of the total launches in calendar year 2025, according to the data.
