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Maharashtra's top property markets, Mumbai, Thane, Navi Mumbai, and Pune, saw steep declines in home sales and new launches in Q2 2025, marking a sharp market correction. Mumbai and Thane both reported a 34% drop in sales, with new supply falling by over 50%. Pune sales fell 27%, while Navi Mumbai dipped 17%. In contrast, Delhi NCR and Chennai showed growth. Analysts attribute Maharashtra's slump to past price surges, economic caution, and buyer wait-and-watch sentiment ahead of the festive season. Despite the dip, developers remain upbeat, viewing the slowdown as a step toward sustainable growth, price stability, and improved market health.
The real estate markets of Mumbai, Thane, Navi Mumbai, and Pune recorded a marked decline in both home sales and new project launches during the second quarter of 2025. The downturn, seen as part of an ongoing market correction, comes after years of sustained price growth and heightened activity in Maharashtra's top property hubs. Advertisement
According to PropEquity, Mumbai registered a 34% drop in residential sales and a steep 61% fall in new launches compared to Q2 of the previous year. Thane mirrored this trend with a 34% decline in sales and a 58% reduction in new supply. Navi Mumbai saw sales fall by 17% and supply by 56%. Pune, another key market in the state, recorded a 27% decline in sales and a 40% dip in new launches, making it the third most impacted among India's top nine realty markets.
The slowdown in Maharashtra stands in contrast to relatively healthier trends in some other cities. Delhi NCR and Chennai recorded positive growth in both supply and sales. Hyderabad posted a 20% fall in sales but a 19% increase in new launches. Bengaluru showed signs of stability with only a 6% dip in sales and a 13% drop in supply, while Kolkata reported an 8% decline in sales and a 35% fall in new project launches.
Overall, housing sales across India's top nine cities are estimated to have dropped 19% year-on-year in Q2 2025, while new launches are projected to be down by 30%.
Industry experts attribute the dip in Maharashtra's housing activity to a combination of steep price rises, cautious buyer sentiment, and broader economic uncertainties. Samir Jasuja, Founder and CEO of PropEquity, noted that markets like Mumbai, Navi Mumbai, and Bengaluru are undergoing stabilization after reaching peak highs in 2023 and 2024. He pointed out that property prices in these regions have surged by 50% to 200% between 2021 and 2025, prompting investors and end-users alike to step back temporarily.
Geo-political tensions and the anticipation of more attractive deals during the upcoming festive season have further fueled a 'wait and watch' attitude among potential buyers. Despite the current correction, developers remain optimistic about the long-term outlook.
While this dip highlights a market recalibration, analysts believe it also paves the way for more sustainable growth, better price discovery, and improved consumer decision-making in the months ahead.
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