Overall sales down marginally q-o-q

• Demand for residential units fell marginally by 1.9% q-o-q. More significantly, sales for the first nine months of 2025 were down 16% y-o-y, signalling sluggish momentum. Rising prices and high-priced inventory overhang are the primary causes for the slowing trend.
• Navi Mumbai, Thane and the Eastern Suburbs secured 66% of the total sales, driven by the mid and premium segments. Western Suburbs I & II together contributed 20% of the quarterly sales.

New launches remain healthy

• New launches in Q3 rose 2.9% q-o-q to 13,605 units, but for the first nine months of 2025, they were down 11.8% y-o-y as developers were cautious with slowing sales. Navi Mumbai led the launches (56.2%), followed by Thane (12.8%) and the Western Suburbs I (11.4%).
• Navi Mumbai, Thane and the Western Suburbs I submarkets saw q-o-q increases in launch figures, bucking the trend, while the rest of the submarkets saw a decline. Around 45% of the new launches were in the INR 10-30 million price range.

Capital values continue to grow but at a modest pace

• Capital values posted modest gains of 1.9% q-o-q and 5.8% y-o-y, as developers cautiously raised prices to manage higher input costs without sacrificing sales momentum.
• Rents across all submarkets saw modest growth, with Thane and Navi Mumbai leading, driven by increasing demand and infrastructure development. This fuelled an overall upward trend in rents.

Outlook: Residential market likely to maintain steady state

• Steady residential demand is anticipated, driven by mid-segment homes in suburban locations. To move high unsold inventory, developers will likely continue offering discounts to stimulate sales.
• Enhanced connectivity from new infrastructure projects coming on-stream is redefining the real estate market spread. This is sparking demand for spacious suburban homes while city centres maintain their enduring appeal.