Modest decline in sales q-o-q amid shifting demand patterns

• Residential apartment sales declined 5% q-o-q in Q2 2026, though remaining relatively steady on a H1 y-o-y basis. The quarterly decline reflects a widening price–affordability imbalance and external economic headwinds.
• Navi Mumbai led quarterly sales (31.4%), followed by Thane (14.3%) and Eastern Suburbs (13.0%). These growth corridors remained attractive, while demand also strengthened in other submarkets.

New launches surged 11.7% q-o-q and 33.7% y-o-y

• New launches in Q2 2026 totalled 17,675 units, reflecting an 11.7% q-o-q increase and a 33.7% y-o-y increase. This surge signals strong developer optimism, which is rapidly outpacing immediate market demand.
• Navi Mumbai led new supply with a 36.4% share, followed by Thane (23.1%) and South Central (10.0%). The INR 15–30 million price bracket recorded the highest share at 40% of launches, followed by INR 10–15 million (17%).

Capital values up across all submarkets; rents strengthen in premier clusters

• Capital values continued to grow across all submarkets, with overall city-level prices up 1.7% q-o-q and 7.5% y-o-y. South Mumbai posted the highest quarterly capital value increase, driven by high-value launches.
• Rents grew 1.3% q-o-q on an overall basis, with premier submarkets such as South Mumbai and North Mumbai maintaining their premium positioning and leading year-on-year rental growth as well.

Outlook: Residential market expected to sustain momentum amid infrastructure-led growth

• The city’s residential market is being driven by an urban upgrade, with buyers favouring integrated gated communities over traditional standalone structures. However, overall transaction velocity has started to cool amid a widening supply–demand mismatch.
• Growth nodes and infrastructure corridors (such as Navi Mumbai and Thane) are capturing the highest volume of fresh residential launches and attracting mid-market buyers who prioritise connectivity, unit sizing and planned civic ecosystems.