Mumbai: Despite a strong trend in home sales last year, the first three months of 2025 have shown a noticeable decline in the residential property market. According to a recent survey by JLL, a leading construction and real estate company, home sales across India’s top seven cities, including Mumbai, have dropped by 12% compared to the same period last year.
In the January to March 2024 period, 74,486 homes were sold in these cities, whereas the figure fell to 65,246 homes in the first three months of 2025. Major cities like Mumbai and Bengaluru recorded a 10% drop in sales, with 14,880 and 15,340 homes sold, respectively. Delhi faced an even steeper decline of 18%, with 8,290 homes sold during this period. Hyderabad and Chennai also experienced notable reductions of 8% and 21%, respectively.
However, despite the overall decline, Mumbai, Pune, and Bengaluru still accounted for 66% of the total home sales in major cities in 2025 so far. Experts attribute this decline mainly to the stagnation in the sale of homes priced below 1 crore rupees, which usually dominate the market. Meanwhile, the sale of higher-priced homes, ranging from 1.5 to 5 crores, has seen an increase, reflecting a shift in buyer preferences.
As the real estate market continues to evolve, experts suggest that the sales patterns will be closely watched, especially as affordability concerns and market dynamics continue to shape buyer behavior in the coming months.
