Mumbai’s real estate market maintained its leadership position in the July–September 2025 quarter, recording the highest residential sales among major Indian cities at 24,706 housing units, according to the latest report by Knight Frank India.

The city also saw a 7% year-on-year rise in average residential prices, driven by continued traction in the premium housing segment (above ₹1 crore). While new launches moderated by 19% YoY to 19,145 units, reflecting developers’ cautious approach and focus on project completion, the office segment registered a robust double-digit growth in average transacted rents, underscoring the city’s sustained real estate strength.

According to the report, Bengaluru followed after Mumbai with 14,538 units, showing steady demand but a 2% dip in year-to-date numbers.

Delhi-NCR, on the other hand, registered 12,955 units, a 5% decline year-to-date, while Pune saw the sharpest decline, with sales dropping 8% year-over-year.

Among the southern markets, Hyderabad (9,601 units) and Chennai (4,617 units) posted healthy year-on-year growth of 5% and 12%, respectively. Ahmedabad saw a modest 3% annual rise, while Kolkata inched up 2% YoY but remained 7% lower on a YTD basis, the report revealed.

According to the report, the average residential prices in the Mumbai real estate market saw a healthy appreciation, climbing by 7% YoY in Q3 2025, driven primarily by sustained traction in the higher ticket-size segments (above ₹1 crore).

New launches in the Mumbai market moderated, dropping by 19% YoY to 19,145 units. This cautious approach by developers was instrumental in limiting the overall national tally of new launches during the quarter, reflecting a preference for capital preservation and focus on project execution, the report said.