For homebuyers, the biggest immediate impact is stability in home loan Equated Monthly Instalments (EMIs). Since most floating-rate home loans are linked to external benchmarks like the repo rate, today’s hold means no upward revision in borrowing costs. Existing borrowers avoid any EMI shock, while new buyers gain predictability to plan purchases without fear of sudden rate hikes.

Industry experts and real estate leaders have welcomed the move for providing much-needed certainty in an environment of rising economic optimism post-Union Budget 2026-27, improved trade agreements, and infrastructure momentum.

Prashant Sharma, President, NAREDCO Maharashtra, noted: “The RBI’s decision to maintain the repo rate at 5.25% provides much-needed stability to the real estate sector… policy continuity will help sustain housing demand and enable developers to plan investments with greater confidence.”

Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory, added: “Stable interest rates will play a crucial role in sustaining homebuyer sentiment and investment activity… reinforcing real estate’s appeal as a stable, long-term asset class.”

Kamlesh Thakur, Co-Founder & Managing Director, Srishti Group, highlighted: “This policy stability brings much-needed clarity on financing costs… we anticipate sustained momentum across residential segments, particularly in infrastructure-driven growth corridors.”

Shilpin Tater, Managing Director, Superb Realty, said: “The RBI’s neutral stance… will support occupier and investor sentiment, particularly for long-gestation commercial projects that rely on long-term cost visibility.”

Shraddha Kedia-Agarwal, Director, Transcon Developers, emphasized: “Stable borrowing costs… create a supportive environment for housing demand, especially in metropolitan markets… This policy continuity will help sustain residential demand and support long-term housing affordability.”

Dhruman Shah, Promoter, Ariha Group, observed: “The continued pause on interest rates provides much-needed predictability… positioning the sector for stable, long-term growth.”

Nihar Jayesh Thakkar, Founder, The Mandate House Pvt. Ltd., stated: “Unchanged interest rates combined with a stronger growth outlook enhance investor confidence across asset classes.”

Samantak Das, Chief Economist and Head – Research and REIS, India, JLL, provided deeper insight: “The unchanged rate… preserves stability in borrowing costs, supporting consumer spending, housing demand, and business investment… The residential market… experienced a sales slowdown in 2025… the combination of accelerated GDP growth, moderating housing price appreciation, and the prospect of additional rate cuts is expected to revive housing sales volumes in 2026.”

Anuj Puri, Chairman – ANAROCK Group, pointed out a balanced view: “RBI’s decision… means that home loan EMIs will not change… This will keep buyers engaged but does nothing to lift demand further… A rate cut would have potentially brought at least some fence-sitters back to the market.” He noted subdued affordable housing trends and called for targeted fiscal measures.

Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO-Maharashtra, said: “An unchanged rate has ensured that EMIs on floating-rate loans remain steady, offering predictability… This clarity on borrowing costs has supported affordability and enabled homebuyers… to plan long-term purchases with greater confidence.”

Dharmendra Raichura, VP and Head of Finance, Ashar Group, concluded: “An unchanged rate environment brings stability to funding costs… From a homebuyer’s perspective, predictable lending rates preserve EMI visibility and reinforce purchase confidence.”

While the hold shields EMIs from rises and supports overall sector momentum amid a robust 7.4% GDP growth outlook for FY26, experts note that affordability challenges persist in segments like affordable housing. Many anticipate potential future cuts if inflation remains controlled, which could further ease EMIs.

This policy continuity underscores the RBI’s calibrated approach—balancing growth support with inflation vigilance—offering homebuyers a window of EMI stability to make informed decisions in a strengthening economy.

Also Read: RBI Monetary Policy – Can the Housing Market Absorb Another Hike?

The post How RBI’s Unchanged Repo Rate at 5.25% Keeps Home Loan EMIs Steady: A Boost for Homebuyers’ Financial Planning appeared first on Square Feat India.

Industry leaders believe that rising construction costs, regulatory compliance, and financing pressures have structurally altered the economics of urban housing, making predictability and transparency more critical than concessions.

Developers Prioritise Policy Stability Over Incentives

Pakshal Sanghvi, Managing Director of Sanghvi Realty, highlighted that the next phase of real estate growth will hinge on policy consistency rather than fiscal giveaways.

“Construction costs, compliance requirements and capital costs have risen structurally over the past few years, while pricing power has remained selective. The next phase of growth will depend less on incentives and more on predictability—stable tax policies, faster approval frameworks and infrastructure-led planning. For developers, clarity is more valuable than concessions,” Sanghvi said.

He added that a Budget offering visibility on long-term urban development, financing access, and execution timelines would allow developers to plan responsibly instead of reacting to frequent policy shifts.

Redevelopment Needs Transparency and Faster Approvals

Echoing the need for process reforms, Ankita Luharuka, CEO of Alliance City Developers, stressed the role of the Budget in shaping safer and more livable cities, especially through redevelopment-led housing.

“For developers who work closely with redevelopment communities, clarity around approval processes, sustainability-linked incentives, and disciplined financial frameworks can go a long way in easing the transition from ageing housing to safer, more livable urban homes,” Luharuka said.

She emphasised that transparency and long-term planning not only support the real estate sector but also directly impact residents who place long-term trust in redevelopment projects.

Luxury Housing Seeks Market-Aligned Reforms

As luxury housing enters a more mature phase in 2026, the segment is seeking calibrated reforms that recognise its growing role in attracting long-term domestic and global capital.

Ankush Kaul, President – Sales, Marketing & CRM at Central Park, said the upcoming Budget presents an opportunity to reinforce growth through rationalised transaction costs and sustainability-focused incentives.

“The industry looks forward to rationalisation of transaction costs, clearer GST benefit transmission, and incentives that support high-quality, sustainable development. While affordable housing and infrastructure remain essential, calibrated measures that recognise the luxury segment’s ability to attract long-term capital will strengthen India’s positioning as a global luxury real estate market,” Kaul said.

Focus on Home Loan Affordability and First-Time Buyers

Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO Maharashtra, said Budget 2026 is crucial for expanding homeownership amid rising property prices and borrowing costs.

“The real estate sector is looking to Budget 2026 for measures that can meaningfully expand homeownership and strengthen the residential ecosystem, particularly for first-time and mid-income buyers,” Yagnik said.

She noted that the recent repo rate reduction has improved market sentiment, and the Budget can build on this momentum through fiscal measures that translate lower rates into real EMI relief.

“Enhanced interest subventions, longer and more flexible loan tenures, and targeted incentives for first-time buyers can help convert lower policy rates into meaningful affordability, especially in large urban centres,” she added.

Yagnik also called for an urgent review of housing incentive frameworks, suggesting that income and property value thresholds must be updated to reflect current urban market realities so benefits reach genuine homebuyers.

Budget 2026: A Test of Long-Term Urban Vision

Across segments, the common thread remains clear—developers and homebuyers alike are seeking certainty, affordability, and transparency. With urban housing under pressure from rising costs and infrastructure demands, Budget 2026 is being seen as a critical policy moment to reinforce sustainable growth rather than short-term stimulus.

Also Read: BUDGET EXPECTATIONS FOR THE REAL ESTATE SECTOR

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A repo rate cut is one of the quickest ways to soften the cost of borrowing. For homebuyers, this translates into lower EMIs, especially because most home loans today are linked to external benchmark rates that transmit policy changes faster than earlier systems. If banks pass on the full 25 bps cut, borrowers can expect a meaningful drop in monthly EMIs, improving affordability across segments.

Lower EMIs Can Revive Demand — Especially in Affordable & Mid-Income Housing

Real estate experts view this decision as well-timed and transformational.

Shishir Baijal – Knight Frank India

“We welcome the RBI’s positive move to cut rates by 25 bps, as it signals growing confidence that inflation will remain low on a durable basis. The reduction in borrowing costs should offer timely relief to the real estate sector… We hope this will be instrumental in boosting affordable and mid-income housing sales, which have been witnessing a sequential decline over the past few quarters.”

Baijal’s point about sequential declines is critical—end-user demand in these segments had begun softening as property prices rose across major markets.

Price-Rise Pressure Meets a Rate-Cut Cushion

According to ANAROCK Research, average housing prices across India’s top 7 cities jumped nearly 10% in 2025. For many buyers, this created a affordability mismatch—even if incomes were rising.

Anuj Puri – ANAROCK Group

“The RBI’s decision to cut the repo rate by 25 bps is a distinct positive… this move further sweetens the value proposition for homebuyers, particularly in the affordable and mid-income segments which are highly sensitive to interest rate fluctuations.”

“This rate cut provides a critical cushion to affordability… encouraging aspiring homebuyers who had paused their decisions due to price hikes to finally take the plunge.”

Puri also highlights a crucial factor: swift transmission.

“If banks swiftly pass on this rate cut to borrowers, we anticipate a renewed surge in sales velocity carrying firmly into Q1 2026.”

Luxury housing is expected to stay strong irrespective of the rate cut, but the biggest boost will likely come from fence-sitters in the mid and affordable categories.

Developers See This as a Sentiment Lifter for Both Buyers & Builders

Manju Yagnik – Nahar Group / NAREDCO Maharashtra

“A 25 basis point rate cut at this stage will meaningfully support homebuyer sentiment and improve affordability across categories. Demand has remained resilient despite elevated prices, and a reduction in borrowing costs will give fence sitters the confidence to move ahead with their purchase decisions.”

Yagnik adds that developers too gain from a softer rate environment, especially with persistent inflationary pressures in construction materials.

“The real estate sector has been navigating higher input costs… so a softer rate environment will ease financial pressure for both buyers and developers.”

Rupee Depreciation Adds Another Layer to the Demand Story

Dharmendra Raichura – Ashar Group

“The rate cut to 5.25% gives an immediate boost to affordability for home-buyers… At the same time, the depreciation of the rupee makes imported building materials costlier — a challenge for developers’ margins.”

Interestingly, this same rupee weakness creates a positive effect too:

“For NRIs… the weaker rupee makes Indian real estate more attractive and affordable, balancing demand dynamics.”

Developers who manage cost inflation well stand to gain from increased NRI participation and a broader buyer base.

A Macroeconomic Signal of Confidence — With Direct EMI Relief

Dr. Samantak Das – JLL India

“The RBI’s decision to cut the repo rate by 25 bps is a powerful, proactive signal that strategically leverages India’s macroeconomic strength — a robust 8.2% Q2 GDP expansion alongside record-low inflation.”

Das stresses that this is not a reactive move but a strategic push to make growth more inclusive.

“For the residential sector, this is a direct boost to affordability… Given the high penetration of external benchmark-linked loans, the transmission to homebuyers is expected to be quick, providing tangible EMI relief.”

He also notes that India saw price resistance in the affordable and mid-segment categories this year, with projected residential sales 8–9% lower than last year in the top cities.

The repo cut, therefore, is seen as a catalyst:

“This move… will activate the crucial segment of first-time affordable and mid-market homebuyers who have been waiting on the sidelines.”

Das expects demand revival not just in metros but across India’s Tier 2 and Tier 3 cities as well.

What This Means for You: Lower EMIs, Higher Eligibility

If banks pass on the full 25 bps cut:

• Your home loan EMI will reduce across floating-rate loans.
• Loan eligibility increases because your EMI-to-income ratio improves.
• First-time buyers in mid-income segments will find it easier to enter the market.
• Developers get relief through better sales momentum and sentiment stability.

This rate cut has arrived at a moment when the market needed a confidence push—and it may very well carry the housing sector with stronger momentum into 2026.

Also Read: RBI Repo Rate Hike May impact Home buyer sentiments

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Mumbai, November 15, 2025: The 46th Knight Frank–NAREDCO Real Estate Sentiment Index for Q3 2025 (July–September) shows continued optimism across India’s property market, reinforcing the sector’s resilience amid global economic headwinds.

The Current Sentiment Score increased to 59, up from 56 in Q2 2025 — the highest level recorded this year — while the Future Sentiment Score held steady at 61, remaining firmly in the optimistic zone.

Stronger market fundamentals, robust office leasing, resilient high-ticket residential demand, stable interest rates, and improved liquidity have collectively boosted industry confidence.

Market Fundamentals Improve Across Segments

The positive sentiment is driven by:

• Stable interest rates and eased inflation
• Healthy domestic consumption
• Strong momentum in premium residential sales
• Deepening office leasing pipelines
• Consistent macroeconomic policy environment

Both developers and financial institutions reported growing confidence, reflecting broad-based improvement across the sector.

South Leads Optimism; North Shows a Strong Rebound

Sentiment remained optimistic across regions:

• South Zone: Highest score at 62, driven by strong leasing in Bengaluru and Hyderabad and robust demand for high-value homes.
• North Zone: Rose to 56, supported by steady office activity in NCR.
• East Zone: Slight moderation to 59 amid lower residential launches.
• West Zone: Dipped marginally to 59, though strong office absorption in Mumbai and Pune cushioned residential softness.

Developers Cautious, Non-Developers Steady in Confidence

• Developers’ sentiment: Moderated to 59 from 63 as they remain cautious due to elevated input costs and slower mid–low segment demand.
• Non-developers (banks, institutions, PE funds): Maintained stable optimism, recording a Future Sentiment Score of 61.

This alignment suggests market confidence anchored in liquidity, asset quality, and sustained formal-sector investment.

Residential Market: High-Ticket Demand Drives Optimism

Residential sentiment remained strong in Q3 2025:

• 71% expect launches to remain stable or increase
• 74% expect sales to stay stable or improve
• 92% expect prices to remain stable or rise

NCR, Bengaluru, and Hyderabad continued to lead price growth with 13%–19% YoY increases, driven by demand in upper-mid and premium categories.

Office Market: Strongest Performer Across Asset Classes

The office market displayed the highest level of optimism:

• Leasing: 55% expect an increase
• Supply: 38% expect growth, 40% expect stability
• Rents: 95% expect stability or upward movement

Limited Grade A supply, GCC expansion, IT-led demand, and growing pre-commitments continue to support sector strength.

Favourable Economic & Funding Environment

• 78% foresee stable or improved economic momentum
• 86% expect funding conditions to stay stable or get better

Easing inflation, strong fiscal spending, active capital deployment into premium housing, and the RBI’s accommodative stance are helping sustain market momentum.

Expert Commentary

Knight Frank India CMD Shishir Baijal said the sustained optimism “underscores the sector’s resilience and adaptability,” noting that steady demand in premium housing and a strong office pipeline continue to shape a positive outlook.

NAREDCO President Parveen Jain added that confidence remains supported by “policy continuity, stable demand, and healthy funding conditions,” especially in premium housing and office segments.

Conclusion

The Knight Frank–NAREDCO Sentiment Index for Q3 2025 reaffirms that India’s real estate sector remains on a solid growth trajectory. With inflation moderated, funding robust, and demand consistently strong across asset classes, the sector enters Q4 2025 with firm confidence and balanced growth expectations.

Also Read: Realty Stocks Close First Day of the Week on a Firm Note: DLF, Godrej, Lodha Lead Gains as Festive Tailwinds Persist

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Unified Industry Voice Gains Momentum

Under President Nahar, CREDAI-MCHI has strengthened its partnership with government bodies by forming a joint platform that brings together CREDAI-MCHI, NAREDCO, PEATA, and BDA.
This unified structure—created on the guidance of the Chief Minister—allows the industry to present collective issues before authorities for quicker, more coordinated resolutions.

A convergence meeting was held at Four Seasons Hotel, followed by a joint review session with BMC Commissioner Bhushan Gagrani (IAS). The minutes of this meeting were officially signed at the AGM, marking a milestone in structured engagement between the real estate sector and the civic administration.

Ease of Doing Business 2.0: A Push for Faster, Transparent Approvals

CREDAI-MCHI unveiled Ease of Doing Business 2.0, a revamped framework aimed at streamlining construction approvals, enabling time-bound decisions, and improving transparency across regulatory bodies.
Monthly review mechanisms with the BMC and SRA are now being institutionalised to track real-time progress and break operational bottlenecks.

Industry Steps Up for Social Responsibility

During the recent Maharashtra floods, CREDAI-MCHI members collectively contributed ₹5.5 crore to the Chief Minister’s Relief Fund within hours—demonstrating rapid, coordinated social response.

BMC Commissioner Bhushan Gagrani praised the unified industry approach, calling it a “benchmark for effective industry-government engagement.” He also urged developers to strictly follow construction safety and pollution-control guidelines amid rising AQI levels in Mumbai.

Leadership Voices: A Collaborative Path Forward

Sukhraj Nahar, President, CREDAI-MCHI

“Our focus has been on unifying industry voices and ensuring time-bound approvals through regular reviews with BMC and SRA. These steps, backed by transparent processes and responsible development, aim to make MMR one of India’s most efficient real estate ecosystems.”

Rushi Mehta, Secretary, CREDAI-MCHI

“We celebrate not just our longevity but our impact—from litigation that unlocked 700+ schemes to advocating the transformative 10:10:80 premium policy. Collective action drives real change.”

Jitendra Mehta, Senior Vice President

“We continue to strengthen collaboration between developers and the administration. Our goal remains a transparent and fast approval ecosystem that supports timely project execution.”

Fireside Chats Highlight Industry Vision

The AGM also featured two Fireside Chats with top industry leaders:

• Parag Shah & Manan Shah (MICL Group) – sharing their philosophy of building generational landmarks
• Shahid Balwa (DB Realty Ltd.) – highlighting innovation and bold vision in real estate

These conversations offered deep insights into Mumbai’s future development trajectory.

CREDAI-MCHI’s Forward Agenda

• Ease of Doing Business 2.0: Regular structured reviews with BMC, SRA, MHADA, and MahaRERA
• Unified Industry Representation: Strengthened collaboration among CREDAI-MCHI, NAREDCO, PEATA, and BDA
• Policy Engagement: Continued dialogue with UDD and civic bodies for regulatory streamlining
• Supporting New City Development: Participation in planning two upcoming cities under the Chief Minister’s vision
• Accountability: Monthly reviews and published minutes for transparent progress tracking

Conclusion

The 43rd AGM reaffirmed CREDAI-MCHI’s role as the central industry-government platform for MMR’s real estate ecosystem—driving faster approvals, unified representation, and responsible urban growth.

The post CREDAI-MCHI Pushes Unified Reform Agenda, Speeds Up Approval Processes appeared first on Square Feat India.

More than 50% of Mumbai’s population continues to live in slums or unstructured housing — a reality that defines both the city’s urban challenge and its development potential. The Slum Rehabilitation Authority (SRA), established to transform this landscape, has now launched a technology-driven reform agenda aimed at fast-tracking redevelopment projects, improving transparency, and restoring confidence among developers and slum dwellers alike.

According to official estimates, Mumbai has more than 2,000 notified slum clusters spread across nearly 9,000 acres, with over 10 lakh slum structures. The scale and complexity of rehabilitation make this digital transformation a major step toward creating a slum-free Mumbai.

Tech-powered transformation of SRA

Under the leadership of Dr. Mahendra Kalyankar, CEO of SRA, the authority unveiled a series of digital initiatives designed to make project approvals faster, transparent, and data-secure.

Among the highlights:

• A Standardisation Testing and Quality Certification (STQC)-approved multilingual website, accessible in over 25 languages, for easier access to information.
• An integrated online module with multiple access layers for different users — officers, architects, developers, and the general public — ensuring accountability.
• Blockchain technology to store and secure approval records, making tampering nearly impossible.
• Chatbots and digital dashboards to help slum residents and developers track applications in real time.
• A goal to map every slum structure in Mumbai by end-2025, creating a unified digital database.

Dr. Kalyankar said his team is also implementing Auto-DCR (Digital Construction Permissions) and time-bound eviction programs to remove non-cooperative structures within 45 days. “We are driven by one mission — to make Mumbai slum-free through transparency, technology, and teamwork,” he said.

Developer bodies surprised by SRA’s digital strides

The meeting, attended by senior representatives from CREDAI-MCHI, NAREDCO, BDA, and PEATA, began as a request for “ease of doing business” but turned into what several termed “a pleasant surprise.”

Sukhraj Nahar, President, CREDAI-MCHI, said:

“My company had never ventured into slum rehabilitation projects before, largely because of doubts about their viability. But after today’s presentation, I have a completely different perspective. The level of digitisation and the positive, development-oriented approach of SRA have created the right environment for slum redevelopment to succeed.”

Rushi Mehta, Secretary, CREDAI-MCHI, called the data-integration plan “a game changer.”

“By collating Aadhaar, PAN, electoral rolls, and electricity bills under one software, SRA can now generate Annexure-2 approvals in a single click — a process that earlier took 6 to 9 months. Linking Aadhaar to each family’s permanent home ensures only genuine beneficiaries receive homes and prevents multiple claims,” he said.

Rajan Bandelkar, Vice Chairman, NAREDCO, praised the SRA’s proactive approach:

“Under Dr. Mahendra Kalyankar’s leadership, the SRA is setting a new benchmark in governance and efficiency. These advanced digital systems will accelerate project approvals and restore developers’ confidence in slum rehabilitation schemes. With renewed momentum and accountability, Mumbai can truly move toward a slum-free future.”

Abhay Chandak, Vice President, NAREDCO Maharashtra, commended the new SOPs that allow demolition of non-cooperative structures within 45 days.

“In Worli, around 1,000 illegal structures were cleared within a month — actual demolition in just three days. This shows SRA’s renewed determination to create an environment where developers can execute projects without obstruction,” he said.

Vikram Mehta, President, Builders’ Association of India (BDA), said that the reforms also tackle new encroachments:

“It’s equally important to stop new slum constructions as it is to rehabilitate existing ones. The new encroachment-tracking cell uses satellite data to detect and flag new structures for immediate action. That’s a huge leap forward.”

Why these reforms matter

• For slum residents: Faster, more transparent approvals mean quicker movement from unsafe informal settlements to formal homes. Linking data ensures fairness and prevents fraud.
• For developers: The new digital ecosystem cuts paperwork, increases predictability, and reduces risk — encouraging more developers to take up rehabilitation projects.
• For Mumbai: Clearing and rebuilding slum clusters will improve infrastructure, reduce disaster risk, and bring large swathes of urban land into productive use.

Dr. Kalyankar emphasized that the reforms are not just about technology but about trust.

“SRA 2.0 is about speed, transparency, and accountability. We want every slum dweller to feel that their home, dignity, and future are at the heart of what we do,” he said.

Toward a slum-free Mumbai

For years, the SRA has faced criticism over slow progress — only a fraction of approved schemes have reached completion. But with the integration of digital processes, real-time monitoring, and strict timelines, stakeholders believe this could mark a genuine turning point.

The collaboration between SRA and major real-estate bodies signals a shared intent to transform the slum landscape of Mumbai into a more equitable, sustainable, and efficient urban environment. As NAREDCO’s Rajan Bandelkar summed it up — “With this digital leap, we are not just building houses; we are rebuilding trust.”

Also Read: Financial Institutions To Redevelop Stuck SRA projects

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The Current Sentiment Score dropped to 54 in Q1 2025 from 59 in Q4 2024. Similarly, the Future Sentiment Scoreeased to 56, reflecting a subtle but clear shift toward caution due to global economic volatility, regional tensions, and consumption softening. Despite this dip, both scores remain above 50 — indicating continued, albeit restrained, optimism.

Residential Market Sees Cooling Demand

The residential segment, particularly in the mid- and lower-ticket categories, is seeing signs of slowing demand:

• Only 22% of stakeholders expect residential sales to increase, a sharp decline from 73% in Q1 2024.
• 93% believe that prices will either remain stable or rise, although the share expecting actual price increases has dropped to 50%, down from 82% a year ago.
• New launches are also expected to slow, with only 28% of stakeholders anticipating growth in supply.

This reflects a shift toward pricing stability and recalibration of supply strategies, particularly in response to affordability concerns in the mass housing segment.

Office Sector Emerges as a Bright Spot

In contrast, the office segment continues to perform strongly:

• 82% of respondents expect office leasing volumes to increase or remain steady.
• 91% foresee stable or rising rental values, signaling strong occupier confidence.
• Although only 24% expect an increase in new office supply, high demand absorption is keeping the segment resilient.

Key demand drivers include Global Capability Centres (GCCs), IT services, and flex space operators, particularly in metro markets like Bengaluru, Hyderabad, and Pune.

Developers & Financial Institutions: A Cautious Stance

• The Developer Future Sentiment Score declined to 53, as developers adopt a more demand-led approach and focus on high-ticket projects.
• The Non-Developer Sentiment Score — which includes banks, financial institutions, and private equity funds — also fell slightly to 57, indicating a wait-and-watch approach on capital deployment.

Both groups remain selectively optimistic, especially about premium residential and commercial real estate, while being conservative about mass housing and speculative launches.

Macroeconomic Sentiment Dips Amid Global Headwinds

Economic expectations have softened:

• Only 55% of stakeholders believe the economic momentum will improve or stay the same — significantly down from 91% in Q1 2024.
• Global trade tensions and regional instability are contributing to uncertainty.

However, recent RBI repo rate cuts in February and April 2025 have improved liquidity and borrowing sentiment, with 79% of respondents expecting funding availability to improve or remain stable.

Industry Leaders Weigh In

Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented:

“Q1 2025 marks a phase of strategic recalibration for the sector. Premium residential and commercial segments continue to display strength, underlining the industry’s long-term resilience.”

Hari Babu, President of NAREDCO, added:

“This marginal dip in sentiment is not a sign of decline, but of maturity. The industry is moving forward cautiously but confidently, adapting to shifting market dynamics.”

Conclusion

The Q1 2025 Sentiment Index highlights a sector at a crossroads — cautiously optimistic but highly strategic. While residential demand in the affordable and mid-income segments moderates, premium housing and commercial office spaces continue to drive the industry forward. With liquidity improving and developers adapting quickly, Indian real estate remains on stable ground despite external challenges.

Also Read: MahaRERA Becomes First in India to Cross 50,000 Housing Project Registrations

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In a directive issued to all seven recognised SROs, MahaRERA has instructed the immediate replacement of representatives who have served for more than two years. These organisations include NAREDCO West Foundation, CREDAI-MCHI, CREDAI Maharashtra, Builders Association of India, Marathi Bandhkam Vyavsayik Association, Brihanmumbai Developer Association, and CREDAI-Pune.

MahaRERA has also mandated that SRO representatives must possess subject matter expertise in at least one of three key domains: legal, financial, or technical. This requirement aligns with the Real Estate (Regulation and Development) Act, 2016, which mandates that every housing project must be registered with MahaRERA and obtain a registration number before developers can advertise, promote, or sell their projects.

Need for Expertise
MahaRERA Chairman Manoj Saunik highlighted the necessity for subject matter experts to facilitate the seamless registration of housing projects. “While registering a new housing project with MahaRERA, the project promoters expect a seamless experience and support from the SROs. The developers are also members of the SROs. By having SROs, MahaRERA has ensured them to officially be the link and do away with agents or other intermediaries. However, due to lack of subject matter experts, this objective remains unachieved,” Saunik said.

He further added, “The real estate projects are subjected to strict legal, financial, and technical scrutiny while issuing a registration number by MahaRERA. This is possible only when the representatives of the SROs are experts in each of these domains and can assist their respective members. Therefore, the representatives being subject matter experts is a must. Moreover, MahaRERA has also set a tenure of the representatives to a maximum of two years.”

Streamlining Registration
MahaRERA scrutinises each project proposal based on legal, financial, and technical criteria before granting registration. Representatives of SROs assist member developers during this process, ensuring compliance with observations and remarks made by MahaRERA.

To improve efficiency, MahaRERA has emphasized that SROs appoint qualified representatives who can effectively guide member developers. Each SRO is allocated one seat at MahaRERA, and the authority expects rotational representation to meet the needs of their members.

The new policy aims to expedite the registration process for housing projects and provide accurate guidance to developers. MahaRERA expects full cooperation from all stakeholders to implement these changes effectively.

This move is seen as a step toward strengthening the regulatory framework of the real estate sector and ensuring that project registrations are carried out efficiently and transparently.

Also Read: MahaRERA Annual Report

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Experts suggest that the dip in registrations from October may reflect a brief market pause following the heightened activity in the previous month, which was also influenced by state elections.

Rising Demand for Premium Properties
Notably, there has been a surge in demand for high-value properties. Properties priced at ₹2 crore and above accounted for 23% of all registrations in November 2024, up from 17% in the previous year. This amounted to 2,147 premium properties being registered. In contrast, the share of properties valued under ₹50 lakh dropped significantly, from 28% in November 2023 to 20% in November 2024, as per Knight Frank India’s analysis.

Industry Reactions
Real estate leaders have commented on the latest data and what it signifies for Mumbai’s property market:

Prashant Sharma, President of NAREDCO Maharashtra, remarked, “The 5% year-on-year growth in property registrations and the sharp rise in stamp duty collections highlight the resilience of Mumbai’s real estate market. The increased demand for properties priced at ₹2 crore and above showcases the growing strength of the premium segment. This trend underscores the importance of creating a conducive environment for high-value housing investments through supportive policies and infrastructure development.”

Anil Mutha, Chief Visionary & Co-Founder of Nandivardhan Group, said, “The November registration data signals a shift in buyer sentiment toward higher-value homes. The surge in demand for properties priced at ₹2 crore and above reflects the evolving demographics of Mumbai’s affluent buyers. We’ve seen similar trends in our projects, where buyers are seeking premium properties that promise long-term value, lifestyle enhancement, and appreciation.”

Rohan Khatau, Director of CCI Projects, added, “The increase in registrations for properties above ₹2 crore indicates strong demand for quality housing. While the decline in affordable housing registrations is concerning, it highlights the need for continued efforts to address affordability and expand housing access.”

Shraddha Kedia-Agarwal, Director of Transcon Developers, commented, “The surge in high-value property demand shows a growing confidence in the market. We are focused on delivering projects that align with these emerging trends, ensuring a blend of luxury and sustainability. This data emphasizes the importance of strategic initiatives to maintain market momentum.”

Samyak Jain, Director of Siddha Group, stated, “The year-on-year growth in registrations and the demand for luxury properties are encouraging signs for Mumbai’s real estate market. We see this as validation of our efforts to deliver high-quality homes that meet the aspirations of today’s buyers. However, the decline in affordable housing calls for renewed focus on addressing housing affordability.”

Govind Krishnan Muthukumar, Managing Director & Co-founder of Tridhaatu Realty, observed, “The rise in stamp duty collections despite a slight dip in registrations from October indicates sustained demand for higher-value transactions. Developers must focus on creating projects that meet buyers’ evolving needs while contributing to the city’s sustainable growth.”

Vedanshu Kedia, Director of Prescon Group, noted, “The strong demand for premium housing reflects a more mature market where homebuyers prioritize value over price. This trend presents an opportunity for developers to innovate and offer solutions that cater to discerning buyers. Government initiatives aimed at boosting real estate growth and infrastructure are crucial for maintaining this positive trajectory.”

Abhishek Jain, COO of Satellite Developers Private Limited, commented, “Mumbai’s real estate market continues to evolve with an increasing demand for premium properties. This positive sentiment, particularly in the post-pandemic era, indicates that buyers are seeking homes that align with their enhanced lifestyle needs. We remain committed to meeting this demand through projects that set new standards in quality and customer satisfaction.”

The Premium Segment’s Growth
The increase in registrations for higher-value properties signals a shift in buyer preferences toward luxury and quality housing, reinforcing Mumbai’s status as a global financial hub. The trend toward premium homes, along with the rise in stamp duty collections, highlights the growing aspiration of homebuyers seeking homes that offer long-term value and a better lifestyle. However, the decline in affordable housing registrations suggests that there is still a need for policies and initiatives focused on improving housing affordability in the city.

Also Read:Mumbai’s Real Estate Boom: A Developer’s Perspective on Rising Property Registrations

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Prashant Sharma, President, NAREDCO Maharashtra
“The real estate sector in Maharashtra looks forward to proactive governance that fosters growth and investment. Our key expectations from the new government include faster clearances for real estate projects, an improved ease of doing business environment, and policies that promote affordable housing. A collaborative approach between the government and industry stakeholders can not only streamline development processes but also ensure that the state remains a leader in infrastructure and housing innovation.”

Kuldeep Jain, Founder & CEO, Build Capital
“As Maharashtra ushers in a new government, the focus should be on driving economic growth through streamlined approvals and transparent regulations. A balanced policy framework that promotes development while ensuring sustainability is crucial. Addressing delays in environmental and regulatory clearances is essential. Implementing a timeline-driven clearance policy and a unified one-window system will reduce bottlenecks, enhance transparency, and instill confidence among developers and financial institutions. This will pave the way for innovative financing solutions, benefiting both developers and homebuyers. Infrastructure-led growth corridors must be prioritized to unlock emerging markets, boost connectivity, and attract private equity investments, positioning Maharashtra as a key economic driver. A progressive and transparent regulatory framework will ensure sustainable growth and solidify the state’s reputation as a premier investment destination. The new leadership must act decisively to secure Maharashtra’s prosperous future.”

Vikas Sutaria, Founder, Iraah Lifespaces
“Maharashtra’s real estate sector requires a forward-thinking government that recognizes the potential of luxury and second-home markets. By focusing on infrastructure connectivity, especially in emerging regions like Alibaug and Lonavala, and introducing tax incentives for investments in premium projects, the state can attract high-net-worth individuals and investors. Streamlining policies for sustainable and luxury developments will create a more robust real estate ecosystem.”

Anil Mutha, Chief Visionary & Co-Founder, Nandivardhan Group
“With the new government in Maharashtra, the real estate sector stands at the brink of transformative growth. Streamlined regulatory processes to expedite project approvals will accelerate the construction cycle, creating benefits for both developers and homebuyers. Prioritizing infrastructure development in connectivity and utilities is vital for unlocking the potential of emerging real estate markets. Enhanced infrastructure will not only attract investments but also improve living standards across the state. Additionally, fiscal incentives such as reduced stamp duty and tax benefits could play a pivotal role in revitalizing buyer sentiment. A strong, collaborative dialogue between the government and industry stakeholders is essential to address persistent challenges and realize the sector’s immense potential. We remain optimistic about bold actions that will fulfill housing aspirations, elevate living conditions, and contribute significantly to Maharashtra’s economic growth.”

Samyak Jain, Director, Siddha Group
“The real estate sector in Maharashtra anticipates a new government that prioritizes sustainable growth through faster project approvals, streamlined RERA compliances, and enhanced connectivity to boost infrastructure development. Additionally, incentivizing affordable housing, reducing development costs, and ensuring a transparent regulatory environment will position Maharashtra as a leader in creating holistic urban spaces and driving future growth.”

Shraddha Kedia-Agarwal, Director, Transcon Developers
“As industry stakeholders, we anticipate a government that champions reform and efficiency. We urge the new leadership to focus on single-window clearance systems, rationalization of stamp duty, and innovative financial support for developers. Strengthening infrastructure around growth corridors and supporting sustainable urban development will also catalyze sectoral growth.”

Vedanshu Kedia, Director, Prescon Group
“The new government must prioritize urban regeneration, particularly slum rehabilitation and redevelopment projects along with city/town beautification projects, which are crucial for a city like Mumbai. Additionally, fostering an investment-friendly ecosystem through regulatory consistency and infrastructure upgrades will drive the growth of the sector and enhance Maharashtra’s real estate appeal.”

Rohan Khatau, Director, CCI Projects
“Our primary expectation from the new government is to create a policy framework that simplifies regulatory processes and fosters confidence among developers and homebuyers alike. Reducing the tax burden, including stamp duty and GST, and ensuring smoother project execution can unlock the potential of the real estate sector, making Maharashtra a global investment hub.”

Govind Krishnan Muthukumar, Managing Director & Co-Founder, Tridhaatu Realty
“The new government must prioritize policy frameworks that streamline key initiatives, particularly in urban centers like Mumbai. Addressing bottlenecks in approvals and introducing incentives for redevelopment will not only rejuvenate aging infrastructure but also create much-needed housing. Additionally, the government’s focus should be on fostering public-private partnerships that ensure timely execution of urban regeneration projects while maintaining sustainability at the core.”

Himanshu Jain, VP – Sales, Marketing & CRM, Satellite Developers Private Limited (SDPL)
“The real estate sector looks forward to the new government focusing on holistic urban planning and infrastructure upgradation. Policies that address challenges like approval delays, high financing costs, and project execution bottlenecks can transform the state into a real estate powerhouse. The introduction of single-window clearances, along with reforms in taxation such as reduced GST and stamp duty, will greatly enhance the ease of doing business.”

Deepak Nair, COO & Co-Founder, The Mentors Real Estate Advisory Pvt. Ltd.
“We hope the new government will adopt a consultative and industry-inclusive approach to policy making. Simplifying regulatory compliance, promoting ease of doing business, and reducing approval timelines can significantly accelerate real estate development. Moreover, introducing measures to encourage foreign investments and infrastructure development around key urban hubs will elevate Maharashtra’s real estate sector to global standards.”

Also Read: Residential Market Sees Growth in Sales and Value, Led by Luxury Segment in Q3 2024

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