by Deepak Sawant 
Mumbai Property Market is booming in 2025. Property prices are going up, new areas are developing fast, and many people are still buying despite the high cost. But while some parts of the city are seeing a lot of interest, the luxury segment is facing problems with too many unsold homes.
Let’s take a closer look at what’s happening in the Mumbai property market today.
🏙️ Property Prices Across Mumbai
As of mid-2025, the average property price in Mumbai is around ₹27,000 per square foot. That’s close to prices in cities like Dubai. A regular flat of about 1,184 sq ft now costs over ₹3.5 crore — making it hard for the average family to afford a home.
In the Thane area, prices have jumped 46% in the past three years. Back in 2022, prices were about ₹13,500 per sq ft. Now, they’re close to ₹19,800 per sq ft.
Other areas are also seeing strong price growth:
- Borivali & Goregaon: ₹28,500 to ₹31,000 per sq ft
- Bandra West: Around ₹60,000 per sq ft
- Juhu: Up to ₹54,000 per sq ft — a 30% increase in just one year
- Powai: Around ₹35,500 per sq ft for new buildings
In Navi Mumbai and Panvel, prices range between ₹10,000 to ₹20,000 per sq ft, depending on how developed the area is.
Across all parts of the Mumbai Metropolitan Region (MMR), property prices have gone up by 9% over the past year.
🧾 Home Sales and Stamp Duty Collections
From January to June 2025, over 75,000 homes were registered in Mumbai. That’s 4% more than the same period last year. The government earned ₹6,699 crore from stamp duty during this time — a 14% increase.
In March 2025 alone, more than 15,000 properties were registered — the highest in the last three years. Many people rushed to buy before new government rates came into effect in April.
However, even though more money was spent on homes, the total number of sales in MMR fell by 34% in the first half of 2025. This means fewer homes were sold, but the ones that were sold were more expensive. The average price of a home sold in this period was ₹1.6 crore.
More and more people are now buying high-end homes. In fact, 19% of all home sales in Mumbai are now for homes priced above ₹2 crore, up from 16% a year ago.
🏡 Too Many Unsold Luxury Homes
While many people are still buying property, Mumbai is now facing a glut of luxury homes. These are flats that cost ₹2.5 crore or more. The number of unsold luxury flats rose by 36% in one year — from about 6,180 units in early 2024 to 8,420 units in early 2025.
Developers launched over 16,000 luxury flats in 2024 and another 5,200 in early 2025. But these homes are expensive, and not everyone can afford them. As a result, many of these high-end flats are still unsold.
📍 Where Are People Buying Now?
Here are some popular areas for buyers in 2025:
1. Western Suburbs – Like Borivali, Kandivali, Malad, and Dahisar
These areas have seen strong demand. Property prices here range from ₹25,000 to ₹35,000 per sq ft. Over half of the city’s property registrations came from these areas in late 2024.
2. Thane
Prices in Thane are still lower than South Mumbai. A home costs around ₹15,000 to ₹17,000 per sq ft. Good 2 BHK flats are available under ₹1 crore in areas like Majiwada and Kolshet.
3. Navi Mumbai & Panvel
With big infrastructure projects like the Navi Mumbai airport and new highways, these areas have become attractive. Prices range from ₹10,000 to ₹20,000 per sq ft.
4. Central Suburbs – Like Mulund, Ghatkopar, and Vikhroli
These locations are well connected and are a favorite for first-time buyers. Prices range from ₹20,000 to ₹50,000 per sq ft.
🚇 New Projects and Infrastructure
New metro lines, roads, and commercial projects are helping raise property prices in many parts of Mumbai. For example:
- The new Mumbai Metro Line 3, especially the Bandra-Kurla Complex (BKC) to Worli route, has already caused local rents to go up.
- Experts believe homes near new metro lines could see a 10–15% price increase in the next few years.
- The Dharavi Redevelopment Project is expected to unlock 140 million square feet of land. This could bring in over ₹1 lakh crore in revenue and create new housing options.
📈 What’s Happening With Rents?
Rents in Mumbai are also going up. A recent report says rent prices may rise by 7–10% every year, faster than overall inflation. At the same time, home prices may go up by 6–6.5% each year.
📋 Summary: Prices by Area
| Area / Segment | Average Price (₹/sq ft) | What’s Happening |
| Mumbai Average (MMR) | ₹26,975 | Steady rise, now as expensive as Dubai |
| Thane | ₹19,800 | +46% in 3 years |
| Powai (New buildings) | ₹35,500 | Growing fast with strong demand |
| Borivali / Goregaon | ₹28,500–₹31,000 | Popular among middle-class buyers |
| Bandra West / Juhu | ₹54,000–₹60,000 | Juhu prices jumped over 30% this year |
| Navi Mumbai / Panvel | ₹10,000–₹20,000 | Good for long-term investment |
| Luxury Segment (₹2.5 Cr+) | Too many unsold units | 36% rise in unsold homes in 1 year |
✅ Tips for Buyers and Investors
For luxury home buyers:
There’s a lot of unsold stock, so you may be able to negotiate a better deal on luxury flats.
For middle-income buyers:
Look at Western and Central suburbs like Borivali, Mulund, or Navi Mumbai. Prices are more reasonable and expected to grow.
For investors:
Areas with new metro connections or near infrastructure projects offer the best growth potential. Places like Thane, Panvel, and Ghatkopar are good bets.
📌 Final Thoughts
Mumbai’s real estate market in 2025 is full of activity. Prices are high and still rising, but people are still buying—especially in growing areas. While luxury homes are facing slow sales, the mid-range and affordable sectors are still very active.
Whether you’re a buyer or an investor, do your research and focus on well-connected, developing areas. With the right choice, you could benefit from strong price growth in the coming years.
