New Delhi: Housing sales in the Mumbai Metropolitan Region (MMR) and Pune fell 17 per cent year-on-year to 49,542 units in the July-September quarter, impacted by a sharp rise in property prices and softer demand, according to PropEquity. Sales stood at 59,816 units in the year-ago period.
In MMR, Thane witnessed the steepest drop, with sales down 28 per cent to 14,877 units from 20,620 units. Mumbai city saw an 8 per cent decline to 9,691 units, while Navi Mumbai recorded a 6 per cent fall to 7,212 units. Pune, another key housing market, posted a 16 per cent drop, with sales at 17,762 units compared with 21,066 units a year earlier.
Realtors, however, remain optimistic. CREDAI-MCHI President Sukhraj Nahar termed Q3 a period of “market recalibration,” stressing that strong infrastructure upgrades such as metro corridors, coastal roads, and the Navi Mumbai International Airport will drive long-term demand. He expects festive season demand, which began September 22, to lift sales.
CREDAI-MCHI Secretary Rushi Mehta added that the decline stems from a high base effect and cautious launches, with developers aligning supply with genuine demand to ensure long-term stability. Treasurer Nikunj Sanghavi highlighted that MMR and Pune together still account for nearly half of India’s housing market, backed by stable interest rates, RERA regulations, and steady investor confidence.
In Pune, Gera Developments MD Rohit Gera said the dip reflects temporary caution among buyers amid broader economic conditions. He pointed to a 49 per cent YoY surge in new launches, signaling developer confidence. Pune, he added, remains attractive due to its employment base, infrastructure growth, and end-user driven demand, with recent GST reforms and repo rate cuts expected to further boost sentiment.
At the national level, housing sales across India’s top nine cities — Bengaluru, Hyderabad, Chennai, Mumbai, Navi Mumbai, Thane, Pune, Kolkata and Delhi-NCR — declined 4 per cent YoY and 1 per cent sequentially to 1,00,370 units in the July-September quarter.
While the September quarter showed a slowdown, industry stakeholders expect festive demand and ongoing infrastructure projects to revive momentum in the second half of FY25.