Mumbai’s Unsold Luxury Housing Inventory Jumps 36% in Q1 2025 Despite Record Property Registrations

Mumbai's luxury housing market saw a significant 36% rise in unsold inventory in Q1, making a shift from the downward trend Since 2022. The number of unsold luxury homes climbed to approximately 8,420 units by the end of March, up from around 6,180 units in the same period last year.This uptick is largely driven by a surge in new launches within the high-end segment, even as demand for premium residences remains steady, said Anarock report.

The report says that the city had witnessed a sharp 53% drop in unsold luxury stock in Q1 2024 and a 29% decline in Q1 2023.

According to Anuj Puri, Chairman of the ANAROCK Group, "The increase in unsold luxury stock is mainly attributable to significant new unit additions in this price category over the last one year. As per ANAROCK data, 2024 saw as many as 16,480 units added in the >INR 2.5 Cr budget category in entire MMR, while another 5,294 units were added in Q1 2025. While demand for these homes continues to remain strong, skyrocketing prices and headwinds like global economic slowdown have dented sales growth of these homes in the last one year."

Despite the rising unsold inventory, property registrations across all budget segments in Mumbai continued to reach new highs in the first five months of 2025. According to the Maharashtra State Revenue Department, the city registered 64,461 properties between January and May 2025, a 6% increase over the 60,818 registrations in the same period last year.

Revenue from these registrations also surged 17% year-on-year to approximately Rs. 5,695 crore, compared to Rs. 4,860 crore collected in the corresponding period in 2024.

Further analysis reveals that May 2025 registered the second-highest number of property registrations for any May since 2019, with over 11,562 properties recorded. "Revenue collection for the month stood at approximately Rs. 1,062 crore," noted Anuj Puri. "In comparison, May 2024 saw the highest number of registrations at around 11,999-about 4% more than this year. However, despite higher volumes last year, revenue was nearly 3% lower at Rs. 1,030 crore."

Outstanding performance in March 2025

The jump in registrations is largely credited to a surge in March 2025, when 15,501 properties were registered - the highest monthly figure since December 2020. This spike followed the Maharashtra government's announcement of a 3.9% hike in ready reckoner rates for FY26, pushing many buyers to fast-track their purchases.

While March typically sees strong registration numbers due to the financial year-end, March 2025 was particularly outstanding. The total revenue collected from property registrations in that month alone exceeded ₹1,589 crore highlighting strong demand ahead of the new financial year.

However, while registrations remained high, actual home sales showed a dip. Around 21,930 units were sold in Q1 2025, nearly 28% lower than Q1 2024. This suggests that while more expensive homes are being registered, overall transaction volume has reduced, likely due to supply-side saturation and elevated price levels.

Rising Preference for High-End Properties

Data also indicates a shift in buyer preferences toward more expensive homes. The average ticket size of homes sold between January and May 2025 stood at ₹1.59 crore, the highest in seven years. This compares to Rs. 1.02 crore during the same period in 2021, underscoring a growing appetite for premium homes despite affordability concerns.