By Arosh John, Founder, John Real Estate (MahaRERA Reg. No. A51700001835) | Editor-in-Chief, Thane Real Estate News (TREN)
MMR | 11 January 2026
Mumbai rarely needs drama to prove strength. It proves it the old-fashioned way: through absorption—homes sold, offices leased, and decisions executed.
Knight Frank’s year-end dataset (H2 2025 release) lands on a clear reading: Mumbai remained India’s largest residential market by volume in 2025, and its office market delivered the second-highest leasing year in over a decade.
That combination matters because it tells you the market did not run on hype in 2025. It ran on real demand.
The 2025 Scorecard (Mumbai)
Residential (2025)
- 97,188 homes sold in 2025 (~1% YoY increase)
- H2 2025: 50,153 homes sold (~3% YoY increase)
- Average residential prices: ₹8,856 per sq ft (~7% YoY increase)
This is not a “sales explosion” story. This is a story of steady execution at scale. Prices rose, and sales still held. That usually happens when end-user demand remains present, and the market does not get flooded with reckless supply.
Knight Frank’s broader H2 2025 framing also reflects what is visible on-ground: the market’s centre of gravity is moving upward in ticket size. Mid-to-premium categories are taking a larger share while the affordable share keeps shrinking.
Offices (2025)
- Total office leasing: ~9.8 million sq ft in 2025 (~5% YoY decline)
- Still the second-strongest year in over a decade for Mumbai
- H2 2025: ~4.3 million sq ft leased
A slight YoY dip doesn’t weaken the headline. The headline is the level: 9.8 million sq ft is not a quiet year. It’s a “mature market staying active” year.
Knight Frank also highlights Global Capability Centres (GCCs) as a meaningful driver of office demand—another sign this is long-horizon, capability-led leasing, not short-term churn.
The Real Interpretation: Two Markets, One Signal
Residential and office are different markets, but together they send one signal:
- Holding housing at scale indicates that families remain committed to Mumbai/MMR as a base.
- Office absorption remaining high indicates employers are still committed to Mumbai/MMR as an operating platform.
When both happen in the same year, it reinforces Mumbai’s core advantage: depth of demand. Depth is what keeps resale liquidity alive, protects exits, and prevents steep corrections in serious catchments.
What 2025 Quiet Strength Usually Sets Up
Markets like Mumbai do not always announce the next cycle in advance. Often, the next cycle begins when:
- End-users stay active,
- Prices inch up without resistance, and
- Commercial absorption remains solid enough to support employment confidence.
That is what this scorecard looks like.
So the practical takeaway is simple: the market’s foundation did not weaken in 2025. It normalised upward—without noise.
Also READ: Mumbai Property Market in 2025: 1.5 Lakh+ Registrations and ₹13,500 Crore in Stamp Duty
About The Author
Arosh John is the Founder of John Real Estate (MahaRERA Reg. No. A51700001835) and the Editor-in-Chief of Thane Real Estate News (TREN). Widely recognised as one of Thane–MMR’s leading real estate consultants, Arosh specialises in premium resale apartments, luxury villas and second homes, and NRI investment advisory across Thane and the Mumbai Metropolitan Region. With over a decade of on-ground deal execution and market reporting, he is known for data-backed pricing guidance, clean, due diligence-led transactions, and a practical ability to decode how infrastructure, policy, and micro-market dynamics translate into real liquidity, genuine appreciation, and reliable exits.
Disclaimer
This article is for information and public-interest commentary only. The market figures and indicators referenced are based on Knight Frank’s year-end dataset / H2 2025 release for Mumbai. Interpretations expressed are the author’s independent analysis. Market performance can vary by micro-market, product type, and time period. Readers should independently verify current conditions and seek professional advice before making any purchase or investment decision.
