Mumbai real estate: 96% housing sales in the up to ₹5 crore price range in H1 2025; Upgrade buyers drive luxury segment

Mumbai Metropolitan Region saw sales of 47,035 housing units in the first half of 2025, of which 96% were in the up to ₹5 crore price range

Nearly 96% of the 47,035 primary housing units sold in the Mumbai Metropolitan Region (MMR) during the first half of 2025 were priced below ₹5 crore, according to real estate consultancy Knight Frank India. Homes priced at ₹5 crore and above were primarily purchased by upgrade buyers seeking larger and more premium residences.

Nearly 96% of the 47,035 primary housing units sold in the Mumbai Metropolitan Region (MMR) during the first half of 2025 were priced below ₹5 crore. (Picture for representational purposes only) (Mehul R Thakkar/HT)

According to international consultancy Knight Frank India, 47,035 housing units were sold in Mumbai in various price segments during the first half of 2025.

Of these, 18,604 units were priced below ₹50 lakh, 11,729 units were sold in the ₹50 lakh– ₹1 crore range, and 15,270 units were priced between ₹1 crore and ₹5 crore. In the sub- ₹1 crore segment alone, Mumbai led all cities with 30,333 units sold, followed by Ahmedabad with 18,083 units.

The data showed that 64% of Mumbai’s total home sales in H1 2025 were in the up to ₹1 crore price category.

In the premium and ultra-luxury segments, 1,075 units were sold in the ₹5 crore– ₹10 crore range, 199 units in ₹10 crore– ₹20 crore, 124 units in ₹20 crore– ₹50 crore, and 34 units were priced above ₹50 crore.

In the first six months of 2025, 1.7 lakh homes were sold in the top eight cities: Mumbai Metropolitan Region (MMR), Delhi NCR, Bengaluru, Pune, Hyderabad, Ahmedabad, Chennai, and Kolkata. MMR recorded the highest sales.

63% of Mumbai sales in the up to ₹1 crore price range

According to the Knight Frank report, the ₹50 lakh to ₹1 crore and ₹1 crore to ₹2 crore segments remained the most active, together accounting for nearly half of all sales. Homes priced at ₹2 crore and ₹5 crore saw an increase in share to 12%, up from 9% in H1 2024, indicating stronger traction in the upper mid-income category.

The share of sub- ₹5 crore homes declined marginally to 40%, as supply in this segment continued to shrink due to rising costs and limited land availability in affordable zones, the report said.

"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.

“Approximately 34% of buyers are investing in property, while around 10% are first-time homebuyers. However, 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,” he said.

Real estate experts highlight the concept of property laddering, where homebuyers start with smaller units and upgrade to larger homes as their finances improve. This strategy allows first-time buyers to enter the market early, build equity over time, and reinvest gains into bigger or better-located properties to meet evolving lifestyle goals.

Meanwhile, around 10,000 properties are registered in the Mumbai real estate market monthly. According to Knight Frank India, around 80% of the properties are residential, and the others are in the commercial and retail segments.

However, these 10,000 properties also include resale transactions, registration of cancellation agreements, development agreements, power of attorney, redevelopment agreements, Wills, gift deeds, among several others.