Mumbai's Real Estate Market Shows Resilience in 2025: Here’s Why
The sale of Indian housing units in the top seven cities dropped by 14% in 2025, even as the total sales value breached ₹6 lakh crore, a rise of 6%, according to a report from ANAROCK Research in December 2025. This data points to a marked shift in buyer behavior, favoring premium segments in the housing market.
Industry analysts attribute a combination of higher property prices, global geopolitical uncertainties, layoffs in the technology sector, and cautious consumer sentiment to the divergence in 2025. However, parallel changes in lifestyles post-pandemic, growing incomes of professionals in urban areas, and steady demand from High Net Worth Individuals (HNIs) and Non-Resident Indians (NRIs) also pushed demand along the price spectrum.
Sujay Kalele, CEO of TRU Realty, describes 2025 as a year when intent mattered more than impulse. “This was a value-led market,” he explains. “Even as overall transactions moderated, buyers demonstrated clarity, opting for better locations, stronger developers, and homes that offer longevity rather than just affordability. That is why sales value continued to expand despite lower volumes.”
The dynamics of the supply side were largely in line with this optimism. The ANAROCK report noted that the number of new launches in the top seven cities increased by 2% on a year-over-year basis to around 4.19 lakh units in 2025. The Mumbai Metropolitan Region (MMR) and Bengaluru regions together accounted for nearly half of the new supply in the market, highlighting their significance in the Indian housing market. Notably, one-fifth of the supply was priced above the ₹2.5-crore mark.
Mumbai’s performance is notable for its scale and complexity. MMR recorded the highest sales among all cities, selling around 1.28 lakh units in 2025, marking an 18% fall in sales compared to the previous year. However, Mumbai's price trends reflect stability rather than speculation. While residential prices across the top seven cities rose by an average of 8% in 2025, most markets, including MMR, remained in single-digit appreciation territory.
Kalele noted that Mumbai’s resilience lies in its structural depth. “Mumbai continues to attract end-users and long-term investors because supply is inherently constrained and demand is continuously refreshed through redevelopment, migration, and infrastructure upgrades,” he says. “Even in a softer year like 2025, the city showed that quality assets retain liquidity and pricing power.”
As the sector looks ahead, 2025 is likely to be remembered as a year that reaffirmed real estate’s transition into a more mature, value-conscious phase. In 2026, the structural drivers that shaped 2025 are expected to extend. Kalele believes premiumisation and redevelopment are likely to continue anchoring housing demand, particularly in land-constrained urban markets, while lower interest rates and steady institutional capital flows should support buyer confidence. “The opportunity for developers will lie in disciplined execution, cost control, and alignment with infrastructure-led micro-markets, rather than chasing volumes.”
Mumbai-based TRU Realty, which has developed projects such as TRU MEADOWs, Vaarivana, Kekarav, and Awestrum Life, works with a broad ecosystem of stakeholders across the real estate value chain, including homebuyers, channel partners, contractors, consultants, and suppliers.
