Mumbai logs strongest nine-month housing sales since 2018
Mumbai's residential market posted its highest January-September sales volume since 2018 as housing sales rose 1 per cent year-on-year (YoY) to 72,804 units in the first nine months of 2026, according to a report released on Monday.
A report by Knight Frank India said developers launched 72,673 units during the period, up 13 per cent YoY, keeping new supply broadly aligned with demand.
Moreover, the city remained the country's largest residential market, accounting for 28 per cent of the 258,238 homes sold across India's top eight cities and 26 per cent of the 279,899 units launched during the period.
While homes priced below Rs 1 crore continued to dominate sales volumes, demand increasingly shifted toward higher-value properties, according to the report.
In addition, homes priced above Rs 1 crore emerged as the key growth driver supported by rising incomes and sustained demand from affluent buyers, it added.
Across the top eight Indian cities, residential sales remained largely steady at 258,238 units in the first nine months of 2026, while new launches grew 4 per cent to 279,899 units.
According to Gulam Zia of Knight Frank India, the market's resilience is increasingly being driven by demand for higher-value homes even as Mumbai continues to remain the country's largest affordable housing market.
In Mumbai, quarterly sales rose steadily through the year, increasing from 23,185 units in the first quarter to 25,449 units in the third quarter which is the highest quarterly sales level since 2018.
Unsold inventory declined 2 per cent YoY to about 155,473 units as launches remained broadly in line with absorption.
Sales of homes priced below Rs 50 lakh fell 6 per cent YoY to 26,136 units which represents 36 per cent of total sales.
Properties priced between Rs 50 lakh and Rs 1 crore recorded a marginal 1 per cent decline to 17,601 units and accounted for 24 per cent of sales.
The strongest momentum was seen in the mid-premium and premium categories.
Sales of homes priced between Rs 1 crore and Rs 2 crore rose 9 per cent to 16,296 units, while those in the Rs 2 crore to Rs 5 crore segment increased 11 per cent to 9,861 units.
Additionally, sales of homes priced between Rs 5 crore and Rs 10 crore climbed 16 per cent, while transactions in the Rs 10 crore to Rs 20 crore and Rs 20 crore to Rs 50 crore segments surged 40 per cent and 35 per cent, respectively.
Mumbai accounted for 41 of the 53 homes priced above Rs 50 crore sold across India's eight major markets during the period.
Notably, the weighted average price in Mumbai increased 5 per cent YoY to Rs 37,064 per sq ft in the third quarter of 2026.
Market absorption also improved with quarters-to-sell (QTS), a measure of how quickly unsold inventory can be absorbed, declining to 6.4 quarters in Q3 2026 from 6.6 quarters a year earlier.
