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Housing sales across Mumbai Metropolitan Region (MMR) and Pune declined during the July-September quarter, with transactions falling 17 per cent to 49,542 units compared with the same period last year, according to PropEquity. Thane recorded the sharpest fall, while Mumbai city and Navi Mumbai witnessed moderate declines. Pune also saw reduced demand. Industry body CREDAI-MCHI maintained that the drop was a temporary recalibration and expressed confidence that the festive season would restore sales momentum, backed by infrastructure upgrades and strong end-user demand.
Housing sales in Mumbai region and Pune declined by 17 per cent in the July-September quarter, as reported by real estate analytics firm PropEquity. Sales stood at 49,542 units, down from 59,816 units during the same quarter last year, primarily due to lower demand amid rising property prices. Advertisement
Within MMR, Thane registered a significant 28 per cent fall, with sales reducing to 14,877 units from 20,620 units. Mumbai city reported an 8 per cent decline to 9,691 units, while Navi Mumbai experienced a 6 per cent drop to 7,212 units. Pune, another major housing market in Maharashtra, saw a 16 per cent reduction in sales, totalling 17,762 units compared with 21,066 units a year earlier.
CREDAI-MCHI, the realtors' apex body in Mumbai, stated that the fall in sales during this period was not a cause for concern, stressing that demand would likely revive during the ongoing festive season. Sukhraj Nahar, President of CREDAI-MCHI, remarked that while the third quarter reflected a period of market recalibration, housing demand drivers in MMR and Pune remained robust. He highlighted ongoing infrastructure projects such as metro corridors, coastal roads, and the Navi Mumbai International Airport as long-term catalysts for growth.
Nahar further observed that sales continued to outpace new launches across several sub-markets, which suggested the market was undergoing a healthy adjustment. He also mentioned that festive quarters in Maharashtra had historically revived sales momentum, and a similar pattern was expected this year.
Echoing this sentiment, Rushi Mehta, Secretary of CREDAI-MCHI, pointed out that end-user demand remained steady, attributing recent fluctuations to high base effects and cautious project launches. He added that developers were aligning supply with genuine demand, which would strengthen long-term stability.
Nikunj Sanghavi, Treasurer of CREDAI-MCHI, underlined that MMR and Pune together still comprised nearly half of India's housing market, which reflected their continued dominance. He stressed that investor confidence was intact, supported by stable interest rates and regulatory clarity under RERA. Sanghavi also expressed optimism that the second half of the financial year would see stronger absorption, aided by festive demand and policy measures directed towards affordable and mid-segment housing.
On a broader scale, PropEquity reported that housing sales across India's top nine cities, including Bengaluru, Hyderabad, Chennai, Mumbai, Navi Mumbai, Thane, Pune, Kolkata and Delhi-NCR, fell 4 per cent year-on-year and 1 per cent quarter-on-quarter to 100,370 units during the same period.
The July-September quarter saw a slowdown in residential sales in MMR and Pune, largely due to higher prices and market recalibration. However, industry leaders emphasised that the underlying fundamentals of demand remained unchanged, supported by infrastructure development, stable financing conditions, and strong buyer interest. With the festive season underway and supportive policy frameworks, developers expressed confidence that sales activity would recover in the coming months, reaffirming the long-term strength of these two key housing markets.
Source - PTI
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