Mumbai achieves historic high in quarterly residential sales; leads in India-Facing transactions in prime eight markets in Q1 2025: Knight Frank India

• Office space transaction volume at historic quarterly high of 3.5 mn sq ft in Q1 2025
• Mumbai constituted 28% of the entire residential sales in the country

 

Mumbai: Knight Frank India`s latest report, India Real Estate: Office and Residential (January – March 2025) Q1 2025 highlights Mumbai`s dominance as the largest residential market in the country.  The city recorded 24,930 primary residential unit sales in Q1 2025, marking a historic high since Q1 2018 with a 5% YoY growth. Developers leveraged this strong momentum by launching 25,706 new units, a 2% year-on-year (YoY) increase. Average residential prices surged by 6% YoY to reaching INR 8,360/sq ft in Q1 2025, reinforcing Mumbai`s position as a high-demand market.

Mumbai`s unsold inventory saw a marginal dip from 166,915 units in Q1 2024 to 166,454 units in Q1 2025. The Quarters to Sell (QTS) metric improved, dropping from 7.7 quarters to 7.1, signalling strong absorption rates and sustained buyer confidence.

               Residential Market Summary: Top Eight Indian Cities

	Sales		Launches
City	Q1 2025	YoY % Change	Q1 2025	YoY % Change
Mumbai	24,930	5%	25,706	2%
NCR	14,248	-8%	13,276	-11%
Bengaluru	12,504	-5%	16,524	26%
Pune	14,231	20%	16,231	22%
Hyderabad	9,459	-1%	10,661	-4%
Ahmedabad	4,687	0%	5,628	5%
Kolkata	3,858	-2%	3,707	-38%
Chennai	4,357	10%	10,661	5%
All India	88,274	2%	96,309	3%

Mumbai led residential sales across multiple price categories, particularly in the sub-INR 5 mn, INR 10-20 mn, and INR 200-500 mn segments. While the sub-INR 5 mn category remained dominant, its share declined from 44% in Q1 2024 to 41% in Q1 2025. In contrast, the INR 20-50 mn segment grew from 9% to 12%, reflecting an increasing preference for premium housing. The INR 200-500 mn segment, although a niche market, recorded the most substantial growth, skyrocketing by 108% YoY from 31 to 65 units.

Ticket Size Categories	<5 mn	5-10 mn	10-20 mn	20-50 mn	50-100 mn	100-200 mn	200-500 mn	>500 mn	Total
Q1 2025	10,121	6,244	4,865	2,950	557	107	65	21	24,930
YoY % change	-4%	7%	3%	38%	43%	26%	108%	-22%	5%