Mumbai's Luxury Housing Market Sees 36% Increase in Unsold Inventory in Q1 2025
The luxury residential market in Mumbai has seen a significant rise in unsold stock, marking a shift from the previous two years of decline. This increase is attributed to new unit additions and rising prices.
Mumbai Real EstateLuxury HousingUnsold InventoryProperty RegistrationsAnarockReal EstateMay 31, 2025
Mumbai’s luxury housing market has seen a sharp rise in unsold inventory, with a 36% year-on-year increase in apartments priced above ₹2.5 crore. This marks the first increase in unsold luxury stock since 2022, following two years of significant improvement. In Q1 2023, unsold inventory dropped 29%, from approximately 18,340 units in Q1 2022 to 13,040 units. In Q1 2024, it further declined by 53% year-on-year to about 6,180 units.
The increase in unsold luxury stock is mainly attributable to significant new unit additions in this price category over the last one year. As per ANAROCK data, 2024 saw as many as 16,480 units added in the above ₹2.5 crore budget category in the entire Mumbai Metropolitan Region (MMR), while another 5,294 units were added in Q1 2025. Anuj Puri, chairman of ANAROCK Group, stated, “While demand for these homes continues to remain strong, skyrocketing prices and headwinds like the global economic slowdown have dented the sales growth of these homes over the last one year.”
Despite the rise in unsold luxury inventory, property registrations in the Mumbai real estate market across budget categories continued to rise in the first five months of 2025. According to Maharashtra State Revenue Department data, the overall revenue collected by the authorities from property registrations and total registrations in Mumbai from January to May 2025 is at a record high of ₹5,695 crore. This is 17% more than last year’s corresponding period (January-May 2024), when the revenue collected was approximately ₹4,860 crore.
In terms of the number of property registrations, 64,461 properties were registered in the city in the first five months of 2025, compared to 60,818 properties in the same period last year. This represents a 6% increase this year over last year, as per the ANAROCK report. A deeper analysis reveals that May 2025 recorded the second-highest number of property registrations since 2019, with over 11,562 properties registered. The revenue collected during the month stood at approximately ₹1,062 crore. In comparison, May 2024 saw the highest registrations of around 11,999 property registrations—about 4% higher than this year. However, revenue collection last year was lower by nearly 3% at ₹1,062 crore.
Meanwhile, property registration data and demand trends over January to May show that the average ticket price of homes sold stood at ₹1.59 crore, the highest since 2019, indicating sales of high-ticket homes. If we look back at the corresponding period in 2021, the average ticket price stood at its lowest at ₹1.02 crore. The report suggests that in 2025, we will continue to record more sales of high-ticket homes than more affordable ones.
Frequently Asked Questions
What is the percentage increase in unsold luxury apartments in Mumbai from Q1 2024 to Q1 2025?
The unsold luxury apartments in Mumbai increased by 36% from Q1 2024 to Q1 2025, rising from 6,180 units to nearly 8,420 units.
What factors contributed to the rise in unsold luxury inventory in Mumbai?
The rise in unsold luxury inventory is mainly due to significant new unit additions in the luxury segment and rising prices, coupled with headwinds like the global economic slowdown.
How has the property registration trend in Mumbai changed from January to May 2025 compared to the same period in 2024?
Property registrations in Mumbai increased by 6% from January to May 2025 compared to the same period in 2024, with 64,461 properties registered in 2025 and 60,818 properties registered in 2024.
What is the average ticket price of homes sold in Mumbai in the first five months of 2025?
The average ticket price of homes sold in Mumbai in the first five months of 2025 stood at ₹1.59 crore, the highest since 2019.
Who is ANAROCK, and what do they do?
ANAROCK is a real estate consultancy that provides market analysis and insights into the real estate sector, helping stakeholders make informed decisions.
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