Mumbai luxury homes see 36% rise in unsold units priced above ₹2.5 crore in Q1 2025

Mumbai’s luxury housing market has seen a big rise in the number of unsold apartments, especially those priced above ₹2.5 crore. According to a report by ANAROCK, a real estate consulting firm, the unsold stock of these high-priced apartments increased by 36% in the first quarter of 2025 compared to the same period last year. The number went up from 6,180 units in Q1 2024 to nearly 8,420 units in Q1 2025.

This jump in unsold luxury homes could mean that buyers are becoming more cautious, or there might be more supply than demand in the high-end housing market in Mumbai. This is the first time since 2022 that the number of unsold luxury homes has increased. In the previous years, the situation was improving. For example, in Q1 2023, the unsold inventory dropped by 29% from about 18,340 units in Q1 2022 to 13,040 units. Then in Q1 2024, it went down even more, by 53%, to around 6,180 units.

Anuj Puri, the chairman of ANAROCK Group, said the rise in unsold luxury homes is mainly because many new expensive apartments have been added to the market over the past year. In 2024 alone, around 16,480 new units priced above ₹2.5 crore were added in the Mumbai Metropolitan Region, and in the first three months of 2025, another 5,294 units came in. Puri also explained that although there is still strong demand for these homes, very high prices and challenges like the global economic slowdown have slowed down sales over the last year.

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The report also shared details about property registrations in Mumbai. From January to May 2025, the number of properties registered increased compared to the same time last year. In total, 64,461 properties were registered in the first five months of 2025, which is a 6% rise from 60,818 registrations in the same period of 2024. The revenue collected from these registrations also reached a record high of ₹5,695 crore, which is 17% more than the ₹4,860 crore collected from January to May 2024.

Looking closer at May 2025, there were 11,562 properties registered, making it the second-highest number of May registrations since 2019. The revenue collected that month was about ₹1,062 crore. For comparison, May 2024 had a slightly higher number of registrations at 11,999 but collected a little less revenue.

Another interesting point from the report is that the average price of homes sold between January and May 2025 was ₹1.59 crore, the highest since 2019. This shows that more people are buying expensive homes this year. In comparison, the average price during the same period in 2021 was much lower, at ₹1.02 crore.

In summary, the Mumbai luxury housing market is seeing more unsold apartments due to new launches and high prices. However, property sales overall are strong, especially for high-priced homes, and property registration figures show continued growth in Mumbai’s real estate sector this year.