Mumbai’s residential property market recorded its strongest January-September performance in eight years, with housing sales rising 1% year-on-year to 72,804 units during the first nine months of 2026, according to a Knight Frank India report released on October 5.
Developers launched 72,673 homes during the period, representing a 13% annual increase. The report noted that new supply remained broadly balanced with the pace of sales.
Mumbai accounted for 28% of the 258,238 homes sold across India’s eight major residential markets during January-September. It also represented 26% of the 279,899 units launched across these cities.
Quarterly sales in Mumbai climbed from 23,185 units in the first quarter to 25,449 units in Q3. The third-quarter figure was the city’s highest quarterly sales level since 2018.
Unsold housing inventory declined 2% year-on-year to approximately 155,473 units. Meanwhile, demand showed a clear tilt towards higher-priced properties, although homes costing below Rs. 1 crore continued to form the largest portion of overall transactions.
The sub-Rs. 50 lakh segment saw sales fall 6% to 26,136 units, accounting for 36% of total sales. Homes priced between Rs. 50 lakh and Rs. 1 crore registered a marginal 1% decline to 17,601 units, representing 24%.
In contrast, the Rs. 1-2 crore category grew 9% to 16,296 units, while sales in the Rs. 2-5 crore bracket increased 11% to 9,861 units. Transactions in the Rs. 5-10 crore segment rose 16%.
Demand at the top end was even stronger. Sales of homes priced between Rs. 10 crore and Rs. 20 crore jumped 40%, while the Rs. 20-50 crore segment expanded 35%. Mumbai accounted for 41 of the 53 homes priced above Rs. 50 crore sold across the eight markets.
Residential prices also moved higher, with Mumbai’s weighted average price rising 5% annually to Rs. 37,064 per sq ft in Q3 2026.
The quarters-to-sell ratio improved to 6.4 quarters from 6.6 a year earlier, indicating faster absorption of available inventory.
Across the eight major markets, housing sales remained largely stable at 258,238 units, while launches increased 4% to 279,899 units.
According to Gulam Zia of Knight Frank India, demand for higher-value homes is increasingly supporting market resilience, with Mumbai continuing to lead the country’s affordable, premium and luxury housing segments.
Source: Zee Biz
