Amid mismatch in sales and supply, luxury housing in Mumbai has seen significant rise in the unsold stock in the first quarter of 2025- the highest in the last three years.

The Mumbai luxury residential market continues to drive sales in the city in Q1 2025. However, ample new supply additions in this segment (homes priced above INR 2.5 Cr) have led to rise in inventory. Anarock   data indicates that for the first time since 2022, Q1 2025 witnessed a 36% yearly increase in unsold stock of luxury homes – from nearly 6,180 units as of Q1 2024-end to nearly 8,420 units as of Q1 2025 end.In  the first quarters of 2023 and 2024, there has been a significant decline in the unsold luxury stock as against preceding year during the same quarter. In Q1 2023, there was a 29% yearly decline in luxury unsold stock in Mumbai – from approximately 18,340 units in Q1 2022-end to nearly 13,040 units as of Q1 2023-end. As of Q1 2024-end, the unsold luxury stock in the city declined by a significant 53% y-o-y to about. 6,180 units

“The increase in unsold luxury stock is mainly attributable to significant new unit additions in this price category over the last one year. As per Anarock data, 2024 saw as many as 16,480 units added in the price category of INR 2.5 Cr in entire MMR, whereas another 5,294 units were added in Q1 2025. While demand for these homes continues to remain strong, skyrocketing prices and headwinds like global economic slowdown have dented sales growth of these homes in the last one year”, says Anuj Puri, Chairman, Anarock Group.

Meanwhile, Mumbai property registrations across budget categories continued to scale new heights in the first five months of 2025. According to the Maharashtra State Revenue Department, the overall revenue collected by the authorities from property registrations and the total registrations in Mumbai during January to May 2025 is at a record high. An analysis of the data of Inspector General of Registration (IGR), Maharashtra reveals that the overall revenue collected from property registrations in Mumbai stands at nearly. INR 5,695 Cr in first five months of 2025. This is 17% more than last year’s corresponding period (Jan.- May 2024) when the revenue collected was approximately INR 4,860 cprore.

In terms of the number of property registrations, 64,461 properties were registered in the city in five months of 2025 against 60,818 properties in the same period last year. This is an 6% jump this year over last year.

According to Puri, deeper analysis reveals that May 2025 recorded the second-highest number of property registrations since 2019 in May month, with over 11,562 properties registered. The revenue collected during the month stood at approximately INR 1,062 crore. In comparison, May 2024 saw the highest property registrations of around 11,999 —about 4% higher than this year. However, revenue collection last year was lower by nearly 3% at INR 1,062 Cr.

Considering that housing sales remained tepid in the first quarter of 2025 across MMR including Mumbai, the high number of property registrations in the first five months of 2025 is notable. As per Anarock research, back in Q1 2025, nearly 21,930 units were sold in Mumbai – about 28% less than the sales in Q1 2024.A key factor behind the surge in property registrations during the first five months of the year is the record-breaking activity seen in March, which registered 15,501 properties. This spike followed the announcement of a 3.9% hike in Maharashtra’s ready reckoner rates for FY26.

March 2025 marked the highest property registrations in the past three years. Prior to this, the highest figures were recorded in December 2020 (19,581) and March 2021 (17,728), during the COVID-19 period when the Maharashtra government had reduced stamp duty on housing units from 5% to 2-3%. While March typically sees strong registration numbers due to the financial year-end, March 2025 was particularly outstanding. The total revenue collected from property registrations in that month alone exceeded ₹1,589 crore.

Further analysis of the property registrations data and demand trends over January to May months shows that the average ticket price of homes sold stood at INR 1.59 Cr – the highest since 2019, indicating sales of high-ticket price homes. If we look back in corresponding period in 2021, the average ticket price stood way lowest at INR 1.02 Cr. This denotes that in 2025 we continue to record more sales of high-ticket price homes in comparison to more affordable ones.