January 16, 2026: Mumbai’s real estate market witnessed a marked slowdown in 2025, with housing launches declining sharply even as the city continued to add new supply. Data from the Maharashtra Real Estate Regulatory Authority (MahaRERA) shows that around 42,643 housing units were launched during the year, a 40% fall from nearly 70,892 units in 2024, taking new supply to its lowest level in five years.
Project registrations also mirrored this trend. In 2025, 689 new projects were registered with MahaRERA, a 5% decline compared with 731 registrations in 2024. This figure is lower than registrations recorded in 2023 and 2022, indicating a broader cooling in new project announcements across the city.
Despite the slowdown, affordable and mid-sized homes continued to dominate new supply. Nearly 57% of the units launched in 2025 were one- and two-bedroom apartments. MahaRERA data shows that 24,271 of the total units fell in this category, while around 23%—or more than 10,000 units—comprised 2.5, 3, 3.5 and 4 BHK homes. Studio apartments accounted for about 790 units during the year.
Geographically, areas such as Malad West, Kandivali West and Mulund West recorded the highest activity, each seeing more than 1,000 units launched in 2025. While residential launches declined, the market also saw the addition of over 5,600 office spaces and shops, representing about 13% of total launches during the year.
Explaining the trend, Rahul Ajmera, developer at Vasupujya Corporation, said, “While the velocity of new launches has decreased as compared to 2022, it remains higher than 2019, suggesting a post-COVID-19 revival in the real estate sector.” He added, “The launches that have occurred in Mumbai and Pune in recent times are a natural cooling down, not an abnormal cooling down.”
According to Ajmera, delays in environmental clearances and the easing of earlier policy incentives have also contributed to the current moderation, signalling a phase of consolidation rather than a sharp downturn in Mumbai’s property market.
