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In the glittering towers of Mumbai's skyline, where dreams are priced in crores and aspirations soar as high as the buildings themselves, an intriguing paradox is unfolding. The city's luxury real estate market, long considered the crown jewel of India's property sector, is experiencing a fascinating shift that tells a story of both triumph and challenge in equal measure.
The narrative begins with a surprising revelation from ANAROCK, one of India's leading real estate consultancies. Their latest report unveils a dramatic 36% year-on-year increase in Mumbai's unsold luxury housing inventory during Q1 2025, marking the first such rise since 2022. The numbers tell a compelling story: from 6,180 units in Q1 2024 to nearly 8,420 units in Q1 2025, representing a significant shift in the luxury segment's dynamics.
Anuj Puri, Chairman of ANAROCK Group, provides crucial context to this inventory surge: "The increase in unsold luxury stock is mainly attributable to significant new unit additions in this price category over the last one year." The numbers are staggering—2024 witnessed the addition of 16,480 units in the above ₹2.5 crore category across the entire Mumbai Metropolitan Region (MMR), while Q1 2025 alone saw another 5,294 units entering the market.
Despite the inventory surge, the underlying demand for luxury homes remains robust. Puri notes that "demand for these homes continues to remain strong," but acknowledges that "skyrocketing prices and headwinds like global economic slowdown have dented the sales growth of these homes over the last one year."
While the luxury segment grapples with inventory challenges, Mumbai's broader real estate market continues to demonstrate remarkable resilience. According to Maharashtra State Revenue Department data, the overall revenue from property registrations reached a record high of ₹5,695 crore in the first five months of 2025, representing a 17% increase over the corresponding period in 2024.
Perhaps the most telling indicator of Mumbai's real estate evolution is the average ticket price of homes sold, which reached ₹1.59 crore in the first five months of 2025—the highest since 2019. This represents a dramatic increase from the corresponding period in 2021, when the average ticket price stood at its lowest at ₹1.02 crore.
As Mumbai's luxury real estate market navigates this period of adjustment, it reflects the broader maturation of India's property sector. The inventory surge, while challenging for developers, may ultimately lead to more competitive pricing and better value propositions for buyers.
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