Mumbai’s luxury residential segment is witnessing a reversal in trend. For the first time since 2022, unsold inventory in the luxury housing segment (homes priced above ₹2.5 crore) has risen by 36% year-on-year in Q1 2025. According to data from ANAROCK Research, the unsold stock increased from 6,180 units in Q1 2024 to 8,420 units in Q1 2025.
📊 Unsold Luxury Housing Inventory Trend (Mumbai Mainland)
| Quarter | Unsold Luxury Units (>₹2.5 Cr) | Y-o-Y Change |
|---|---|---|
| Q1 2022 | 18,340 | – |
| Q1 2023 | 13,040 | ▼ 29% |
| Q1 2024 | 6,180 | ▼ 53% |
| Q1 2025 | 8,420 | ▲ 36% |
Real estate experts say this spike in inventory is not due to falling demand, but rather an aggressive addition of new supply in the segment.
🏗️ New Luxury Supply in MMR (Units Added)
| Period | Luxury Units Added (>₹2.5 Cr) |
|---|---|
| Full Year 2024 | 16,480 |
| Q1 2025 | 5,294 |
Anuj Puri, Chairman – ANAROCK Group:
“While demand remains strong, sky-high pricing and global economic headwinds have dented the pace of sales in the ₹2.5 Cr+ segment over the last year.”
📈 Mumbai Property Registrations at All-Time Highs
Despite the luxury stock build-up, Mumbai’s overall housing market remains healthy. The city saw 64,461 property registrations from January to May 2025, compared to 60,818 in the same period last year — a 6% annual increase. State revenue collection from registrations also jumped 17%.
🏡 Property Registrations & Revenue (Jan–May)
| Year | Registrations | Y-o-Y Growth | Revenue (₹ Cr) | Y-o-Y Growth |
|---|---|---|---|---|
| 2024 | 60,818 | – | ₹4,860 | – |
| 2025 | 64,461 | ▲ 6% | ₹5,695 | ▲ 17% |
📅 March 2025 Sees Spike Before Ready Reckoner Hike
In anticipation of a 3.9% hike in Maharashtra’s Ready Reckoner rates for FY26, March 2025 saw an exceptional surge in property registrations.
🔼 Highest Registration Months – Past 3 Years
| Month | Registrations | Revenue (₹ Cr) |
|---|---|---|
| Dec 2020 | 19,581 | – |
| Mar 2021 | 17,728 | – |
| Mar 2025 | 15,501 | ₹1,589 |
March 2025 became the third-highest month for property registrations in recent history, behind only Dec 2020 and Mar 2021 (when stamp duty was temporarily reduced during COVID-19).
🌟 May 2025: Second-Best May in 7 Years
Despite a slight drop from last year, May 2025 registered over 11,562 properties, making it the second-best May since 2019.
| May Month | Registrations | Revenue (₹ Cr) |
|---|---|---|
| May 2024 | 11,999 | ₹1,033 |
| May 2025 | 11,562 | ₹1,062 |
💰 Average Ticket Price Hits 7-Year High
The average value of properties sold in Mumbai between January and May 2025 rose to ₹1.59 crore — the highest in 7 years. This reflects continued traction in premium and luxury home sales.
💸 Avg. Property Ticket Size (Jan–May)
| Year | Avg. Ticket Size (₹ Cr) |
|---|---|
| 2021 | ₹1.02 |
| 2023 | ₹1.37 |
| 2024 | ₹1.44 |
| 2025 | ₹1.59 |
🧾 Final Takeaway
While Mumbai’s luxury housing inventory has risen sharply in Q1 2025 due to new supply, the broader property market remains buoyant. High registration volumes, record-breaking state revenue, and rising ticket sizes all point to strong buyer interest — especially in mid to high-value segments.
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