APPD Market Report Article
Mumbai
May 22, 2025
High-end apartment sales reach second-highest number to date
- High-end apartment sales dipped moderately q-o-q but were the second-highest ever as buyers sought spacious homes. Industrialists, HNIs, executives and celebrities were largely active in prime locations like Lower Parel, Worli and Bandra.
- The Navi Mumbai submarket led the high-end sales with 28%, followed by the Thane and Western Suburbs II submarkets. The Navi Mumbai submarket saw high-end sales hit a record number in the quarter.
New launches moderate q-o-q
- In Q1, 6,339 units were launched in the high-end segment, a significant drop of 37% q-o-q. The Navi Mumbai submarket led the quarterly new launches, accounting for 38% of the overall launches, followed by Western Suburbs II with 19%.
- New project launches increased in North Mumbai, South Central Mumbai, Western Suburbs II and Navi Mumbai q-o-q, while declining elsewhere.
Capital values increase marginally q-o-q
- Capital values were up by 0.4–1.3% q-o-q across all submarkets, as demand remained positive for premium apartments in the city. Navi Mumbai recorded the biggest price growth, followed by Eastern Suburbs, Western Suburbs II and Thane in that order.
- Rents were also up q-o-q in Q1, with the Navi Mumbai submarket experiencing the largest growth. This was fuelled by growth in the office sector and infrastructure developments, both of which contributed to an increased demand for apartments in this area.
Outlook: Demand for high-end apartments will continue to remain strong
- The high-end residential market is expected to be propped up by demand from HNIs, NRIs, industrialists and executives. Infrastructure projects will improve connectivity, enabling easier living and keeping demand for such properties at elevated levels.
- Prices are expected to rise as new launches are likely to enter the market at higher prices. Strong sales will support developers as they increase prices for successful projects. Capital values are anticipated to grow, albeit at a slower pace y-o-y.

