Mumbai Sees 36% Rise in Unsold Luxury Homes in Q1 2025

Mumbai Sees 36% Rise in Unsold Luxury Homes in Q1 2025

Mumbai Sees 36% Rise in Unsold Luxury Homes in Q1 2025

Unsold luxury homes (priced above 2.5 crore) in Mumbai have seen a 36% rise in the first quarter of 2025, with approximately 8,420 units remaining unsold by the end of the quarter. This marks a significant increase compared to the previous year. In Q1 2024, the unsold luxury stock had dropped to around 6,180 units, reflecting a 53% year-on-year decrease.

The first quarters of 2023 and 2024 have seen notable declines in unsold luxury stock, with a decrease of 29% in Q1 2023 compared to Q1 2022. The luxury segment had been on a downward trajectory, but the recent rise in unsold units signals a shift.

The rise in unsold luxury homes is attributed to the significant number of new units introduced into the market. While demand for luxury homes remains strong, challenges such as high prices and global economic uncertainties have impacted sales in the last year.

In a positive development, the Maharashtra State Revenue Department reported record-high property registration revenues for the period between January and May 2025. The total revenue from property registrations in Mumbai reached 5,695 crore, reflecting a 17% increase from the same period in 2024. Additionally, the number of property registrations hit 64,461, marking a 6% increase from last year.

Despite the overall sluggishness in the housing market in Q1 2025, the increase in property registration revenues and transactions suggests a steady recovery in the market. March 2025 stood out with the highest property registrations in three years, significantly surpassing numbers from the COVID-19 period when stamp duties were reduced. The total registration revenue in March 2025 exceeded 1,589 crore, indicating sustained demand in Mumbai’s real estate sector.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/