Mumbai home sales drop to three-year low amid cautious market

Sales fell by 14.8% in 2025.

Residential property sales in Mumbai fell to a three-year low in 2025, with full-year transactions declining 14.8 per cent year-on-year, according to a new report from JLL.

The firm said demand was largely stagnant in the final quarter of 2025, reflecting a more cautious approach from buyers as home prices continued to rise and high-value inventory remained elevated across the market.

Growth corridors continued to dominate demand. JLL said Navi Mumbai led quarterly residential sales with a 34.5 per cent share, followed by the Eastern Suburbs and Thane. Across the full year, Navi Mumbai also accounted for the largest share of sales at 34 per cent, highlighting the continued appeal of emerging residential corridors.

Developers also adopted a cautious stance. JLL said 12,503 new homes were launched in the fourth quarter, down 8.1 per cent from the previous quarter and 20 per cent lower than a year earlier, bringing total launches for 2025 to their lowest level in four years.

Among new supply, Navi Mumbai again led with 27.1 per cent of launches, followed by the Eastern Suburbs and Thane. The INR 15–30 million price segment dominated new project releases, accounting for 36 per cent of launches, according to JLL.

Despite softer demand, prices continued to rise at a measured pace. Capital values increased 2 per cent quarter-on-quarter and 5.9 per cent year-on-year, with Navi Mumbai recording the strongest annual growth at 7.4 per cent following the inauguration of the Navi Mumbai International Airport. Rental values also increased modestly, rising 2.3 per cent quarter-on-quarter across the market.

Looking ahead, JLL said new infrastructure projects, including the airport and expanding metro connectivity, are expected to unlock new residential demand pockets. Improved transport links are likely to boost suburban housing demand, while core city locations will continue to attract luxury developments and high-value transactions.