The ongoing US–Israel–Iran conflict has injected caution into Mumbai’s property market, with many homebuyers postponing decisions amid uncertainty. Over the past 10 days, buyers—especially in the Rs 5 crore to Rs 10 crore segment—have shown a “wait-and-watch” approach, though overall market activity continues.
A sales executive at a leading Mumbai real estate firm said, “It is not like transactions are not closing. We closed a few deals in Worli over the last few days, both in the Rs 10 crore-plus segment. However, homebuyers have become more cautious, with some of my leads saying they would prefer to wait and see how the war unfolds before booking a home. For instance, out of 10 leads at present, about four to five are in a wait-and-watch mode.”
Experts noted that concerns around stock market volatility, rising oil prices, geopolitical instability, and currency fluctuations are affecting prospective buyers. Job security amid these uncertainties has also prompted buyers to delay property purchases. Dubai’s real estate market is experiencing a similar trend, with investors pausing transactions due to the ongoing war. Morgan Owen, Managing Director for the Middle East and North Africa at ANAROCK Group, said, “If macroeconomic and geopolitical uncertainty persists for another 4–8 weeks, but local employment, credit availability, and flight connectivity remain strong, it is reasonable to expect that 60–80% of Dubai real estate deals currently on hold may close next quarter, albeit some with re-pricing or restructuring.”
Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiatives, JLL India, added, “In Mumbai, site visits by homebuyers have become quite muted, what we call ‘cold visits’. Buyers are visiting projects but are not indicating any firm purchase intent. In my view, the Rs 5 crore to Rs 20 crore segment has been the most affected by the geopolitical tensions. Homebuyers in the sub-Rs 5 crore segment are already feeling the impact of stock market volatility. However, I do not see much impact on transactions above Rs 20 crore, as ultra-high-net-worth buyers are likely to remain bullish.”
Mumbai’s luxury homes above Rs 10 crore are primarily located in Central Mumbai and South Mumbai, while the mid-segment Rs 5–10 crore apartments are concentrated in western suburbs such as Borivali, Kandivali, Malad, Goregaon, Andheri, and Bandra. Despite caution, Maharashtra IGR data shows that over 3,300 properties were registered in the last 10 days, generating Rs 290 crore in revenue. February 2026 saw 13,029 registrations within BMC limits, up 8% YoY, with stamp duty collections crossing Rs 1,134 crore, a 21% increase from the previous year.
Buyers appear cautious, but the market continues to see significant transaction volumes, reflecting both resilience and selectivity among homebuyers amid global uncertainties.
Source: Hindustan Times
