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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