October 27, 2025: Residential property prices in select luxury micromarkets such as Worli (Mumbai) and Sector 63A (Gurgaon) have fallen by up to 50%, even as overall city-level real estate prices continue to rise. The decline is largely attributed to developers reducing apartment sizes to make homes more affordable.
According to data from PropEquity, three out of five prime micromarkets across top cities recorded a decline in residential prices during the April–August 2025 period. Experts note that developers are increasingly focusing on smaller configurations to cater to changing buyer preferences.
“Now in many places, developers are launching smaller apartments than earlier,” said Amit Bagri, Managing Director and CEO of Kotak Mahindra Investments. He added that unit sizes in new projects are now five to ten percent smaller compared to previous launches.
In Mumbai’s upscale Worli, new launch prices dropped by 45%, even as sales doubled to 200 units during April–August. This contrasts with Mumbai’s broader housing market, which saw 8% and 7% price growth during Q2 and Q3 FY25, according to Knight Frank India.
Similarly, Sector 63A in Gurgaon, known for its luxury properties, experienced a 36% price decline, with sales dropping to one-third of last year’s figures. Meanwhile, the NCR market overall witnessed price growth of 14% and 19% in the same quarters.
In Kokapet (Hyderabad), prices dipped 9%, even as the city registered growth of 11% and 13% during Q2 and Q3 FY25.
Despite these corrections, Anarock reported an 8% rise in average apartment sizes across India’s top seven cities — from 1,420 sq. ft. in 2023 to 1,540 sq. ft. in 2024.
Anuranjan Mohnot, MD & CEO of Lumos Equity Advisors, said, “There is a vast difference in property prices in posh localities such as Worli — it may be a correction. Pricing is done based on brands and not location.”
Source: Financial Express
