As Mumbai's real estate market deals with changing buyer attitudes and new supply, unsold inventory for luxury apartments over ₹2.5 crore rises sharply.

According to research published by real estate consultant ANAROCK, the unsold stock of luxury flats priced over ₹2.5 crore in the Mumbai real estate market increased by 36% annually, from 6,180 units as of Q1 2025 to over 8,420 units as of Q1 2025.

According to research by real estate firm ANAROCK, the unsold inventory of luxury property in Mumbai has increased dramatically, with flats priced over ₹2.5 crore increasing 36% year over year from 6,180 units in Q1 2024 to approximately 8,420 units in Q1 2025.

The increase in Q1 2025 suggests that the supply dynamics or buyer sentiment in Mumbai's upscale real estate market may be changing.

Unsold luxury stock has increased for the first time since 2022. Significant progress had been made during the preceding two years. In Q1 2023, unsold inventory dropped from approximately 18,340 units in Q1 2022 to 13,040 units, a 29% decrease. It further decreased by 53% years over year to around 6,180 units in Q1 2024.

According to Anuj Puri, head of the ANAROCK Group, the substantial new unit additions in this price range during the past 12 months are primarily responsible for the rise in unsold luxury stock. According to ANAROCK statistics, the whole Mumbai Metropolitan Region (MMR) saw the addition of 16,480 units in the above ₹2.5 crore budget categories in 2024, and an additional 5,294 units were built in Q1 2025.

He added that although there is still a high demand for these homes, the growth in sales over the past year has been hampered by obstacles such as the global economic slowdown and skyrocketing prices.

In the first five months of 2025, property registrations in the Mumbai real estate market increased across all price ranges, the report claims.

However, data from the Maharashtra State Revenue Department shows that the sum of ₹5,695 crore was collected by the authorities from property registrations and all registrations in Mumbai between January and May 2025. Compared to the same time last year (January–May 2024), when the income received was almost ₹4,860 crore, this represents a 17% increase.