Mumbai’s real estate market experienced a robust first half of 2025, with an impressive 47,035 housing units sold across the Mumbai Metropolitan Region (MMR). Buyers actively pursued properties, particularly those in the up to ₹5 crore price range, which accounted for a dominant 96% of all sales. Upgrade buyers, seeking larger and more premium residences, significantly fueled the luxury segment.
MMR Leads India in Home Sales
The MMR topped all major Indian cities in home sales during H1 2025, contributing substantially to the 1.7 lakh homes sold across the top eight cities (MMR, Delhi NCR, Bengaluru, Pune, Hyderabad, Ahmedabad, Chennai, and Kolkata).
Affordability Dominates Mumbai’s Market
Mumbai’s market clearly showcased a strong preference for affordability. Out of the 47,035 units sold:
- 18,604 units fell below ₹50 lakh.
- 11,729 units were in the ₹50 lakh – ₹1 crore range.
- 15,270 units were priced between ₹1 crore and ₹5 crore.
Notably, Mumbai led all cities in the sub-₹1 crore segment, selling 30,333 units, with Ahmedabad following at 18,083 units. Overall, 64% of Mumbai’s total home sales in H1 2025 were in the up to ₹1 crore price category.
Mid-Income and Luxury Segments Gain Traction
While affordable housing led the way, the ₹50 lakh to ₹1 crore and ₹1 crore to ₹2 crore segments remained highly active, collectively representing nearly half of all sales. Homes priced between ₹2 crore and ₹5 crore saw their share increase to 12% from 9% in H1 2024, signaling growing interest in the upper-mid income category.
The premium and ultra-luxury segments also attracted significant attention from upgrade buyers:
- 1,075 units sold in the ₹5 crore – ₹10 crore range.
- 199 units in the ₹10 crore – ₹20 crore range.
- 124 units in the ₹20 crore – ₹50 crore range.
- 34 units sold above ₹50 crore.
Upgrade Buyers Drive Mumbai’s Property Ladder
Upgrade buyers account for a significant portion of Mumbai’s real estate activity. According to Vivek Rathi, National Director, Research, Knight Frank India, 48% of homebuyers across MMR are upgrading their homes, spanning all price segments. This highlights the concept of property laddering, where individuals move from smaller to larger units as their financial capacity improves, building equity and reinvesting for future gains.
“Approximately 34% of buyers are investing in property, while around 10% are first-time homebuyers,” Rathi added. “However, in the sub-₹50 lakh and sub-₹1 crore segments, most buyers are entering the market for the first time. In contrast, homes priced ₹5 crore and above are primarily being purchased by upgrade buyers.”
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Shrinking Supply in Affordable Segments
The report also noted a slight decline in the share of sub-₹5 crore homes to 40%. This trend reflects a shrinking supply in this segment, primarily due to rising costs and limited land availability in more affordable zones.
Mumbai’s Broader Property Registrations
Beyond primary sales, the Mumbai real estate market sees approximately 10,000 properties registered monthly. While about 80% are residential, the remaining involve commercial and retail transactions, along with other registrations like resale transactions, cancellation agreements, development agreements, and gift deeds.
