The Mumbai Metropolitan Region (MMR) witnessed a robust real estate performance in the first half of 2025, with a remarkable 96% of housing sales occurring in the sub-₹5 crore price range. This surge was significantly influenced by upgrade buyers seeking larger and more premium residences, according to a recent report by Knight Frank India.
Breakdown of Mumbai’s Housing Sales in H1 2025
During the first six months of 2025, a total of 47,035 primary housing units were sold in Mumbai across various price segments. A detailed analysis of these sales reveals that:
- 18,604 units were sold below ₹50 lakh.
- 11,729 units were in the ₹50 lakh–₹1 crore range.
- 15,270 units were priced between ₹1 crore and ₹5 crore.
In the sub-₹1 crore segment alone, Mumbai led all Indian cities with 30,333 units sold. This was followed by Ahmedabad, which recorded 18,083 units in the same price segment.
| Price Range | Units Sold |
|---|---|
| Below ₹50 lakh | 18,604 |
| ₹50 lakh – ₹1 crore | 11,729 |
| ₹1 crore – ₹5 crore | 15,270 |
| ₹5 crore – ₹10 crore | 1,075 |
| ₹10 crore – ₹20 crore | 199 |
| ₹20 crore – ₹50 crore | 124 |
| Above ₹50 crore | 34 |
Trends in Luxury Housing
In the premium and ultra-luxury segments, a total of 1,432 units were sold, further indicating an active market for high-value properties. The share of homes priced between ₹2 crore and ₹5 crore increased to 12% in 2025, up from 9% in the previous year, highlighting a growing interest among upper mid-income buyers.
“According to our survey, 48% of homebuyers across MMR are purchasing homes to upgrade, cutting across all price segments,” said Vivek Rathi, National Director, Research, Knight Frank India.
Drivers Behind the Sales Surge
The primary drivers of this sales surge include upgrade buyers, who constituted a significant portion of the luxury market. The concept of property laddering, where individuals start with smaller units and gradually upgrade as their financial capacity improves, plays a pivotal role in this trend. This strategy allows buyers to build equity over time, enabling them to invest in larger or better-located properties as their lifestyle needs evolve.
“Approximately 34% of buyers are investing in property, while around 10% are first-time homebuyers. In the sub-₹50 lakh and sub-₹1 crore segments, most buyers are entering the market for the first time. In contrast, homes priced ₹5 crore and above are primarily being purchased by upgrade buyers,” Rathi added.
Market Dynamics and Future Outlook
The report also highlights that approximately 10,000 properties are registered in Mumbai’s real estate market monthly. Of these, around 80% are residential properties, while the remaining 20% include commercial and retail segments. It’s important to note that these registrations encompass resale transactions, agreement cancellations, development agreements, and other legal formalities.
Frequently Asked Questions (FAQ)
Q: What percentage of Mumbai’s housing sales were in the sub-₹5 crore range in H1 2025?
A: 96% of housing sales in the Mumbai Metropolitan Region during the first half of 2025 were in the sub-₹5 crore range.
Q: How many housing units were sold in the ₹1 crore to ₹5 crore price range?
A: A total of 15,270 housing units were sold in the ₹1 crore to ₹5 crore price range.
Q: What is the concept of property laddering?
A: Property laddering involves starting with smaller housing units and upgrading to larger homes as financial capacity improves, allowing for equity building and reinvestment into better properties over time.
Q: How many properties are registered in the Mumbai real estate market monthly?
A: Approximately 10,000 properties are registered each month in Mumbai, including residential, commercial, and retail properties.
Q: What role do upgrade buyers play in the luxury housing segment?
A: Upgrade buyers are a significant force in the luxury housing segment, primarily purchasing homes priced at ₹5 crore and above, often as part of a strategy to acquire larger and more premium residences.
In conclusion, the Mumbai real estate market in the first half of 2025 reflects a vibrant and dynamic sector, with a substantial portion of sales driven by upgrade buyers. As market trends continue to evolve, the role of property laddering and the growing interest in the luxury segment will likely shape the future landscape of Mumbai’s real estate market.