Mumbai Leads Homes Sales Volumes in Q3 2025; City Sees 11% Rise in Office Rents: Knight Frank India
Mumbai Leads Homes Sales Volumes in Q3 2025
24, 706 homes sold in Q3 2025 in MMR region
Office rentals register strong double-digit growth
POSTED BY: 13TH October 2025(RMN/ MRUNALI – 8850212023)
Mumbai, (RMN): Knight Frank India, in its latest report, Q3 2025 – Residential and Office (July-September 2025), noted that Mumbai’s real estate market continued to demonstrate healthy momentum in the third quarter of 2025. The city recorded the highest residential sales volume among all markets, while the office market witnessed a robust double-digit increase in average transacted rents.
Residential Market Highlights of Mumbai (Q3 2025)
Mumbai continued to lead India’s residential sales chart in Q3 2025, recording the highest sales volume nationwide at 24,706 units, registering a marginal 2% YoY increase. This performance indicates stable end-user demand across the city.
Sales (in House Units)
| Market | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q3 2025 YoY Growth % | YTD Change % |
| Mumbai | 24,706 | 24,930 | 22,105 | 24,706 | 2% | 0% |
| Bengaluru | 13,354 | 12,504 | 14,095 | 14,538 | 0% | -2% |
| NCR | 15,680 | 14,248 | 12,547 | 12,955 | 0% | -5% |
| Pune | 14,621 | 14,231 | 10,098 | 12,118 | -8% | -3% |
| Hyderabad | 9,287 | 9,459 | 9,589 | 9,601 | 5% | 3% |
| Ahmedabad | 4,507 | 4,687 | 4,683 | 4,694 | 3% | 1% |
| Chennai | 4,158 | 4,357 | 4,578 | 4,617 | 12% | 12% |
| Kolkata | 3,950 | 3,858 | 4,232 | 4,374 | 2% | -7% |
| Total | 90,263 | 88,274 | 81,927 | 87,603 | 1% | -1% |
Source: Knight Frank Research
The average residential prices in Mumbai saw a healthy appreciation, climbing by 7% YoY in Q3 2025, driven primarily by sustained traction in the higher ticket-size segments (above INR 10 mn).
Average price change across markets during Q3 2025
| Market | YoY Change | QoQ Change |
| NCR | 19% | 3% |
| Bengaluru | 15% | 4% |
| Hyderabad | 13% | 5% |
| Chennai | 9% | 2% |
| Kolkata | 8% | 1% |
| Mumbai | 7% | 1% |
| Pune | 5% | 1% |
| Ahmedabad | 2% | 0% |
Source: Knight Frank Research
New launches in the Mumbai market moderated, dropping by 19% YoY to 19,145 units. This cautious approach by developers was instrumental in limiting the overall national tally of new launches during the quarter, reflecting a preference for capital preservation and focus on project execution.
Launches (in House Units)
| Market | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q3 2025 YoY Growth % | YTD Change % |
| Mumbai | 25,808 | 25,706 | 19,745 | 19,145 | -19% | -9% |
| Bengaluru | 16,481 | 16,524 | 16,974 | 17,817 | 28% | 30% |
| NCR | 16,991 | 13,276 | 11,957 | 10,657 | -19% | -18% |
| Pune | 16,452 | 16,231 | 10,328 | 15,234 | 1% | -3% |
| Hyderabad | 10,811 | 10,661 | 10,301 | 9,764 | -10% | -7% |
| Ahmedabad | 6,103 | 5,628 | 5,106 | 5,797 | 2% | 4% |
| Chennai | 4,303 | 4,576 | 5,045 | 6,172 | 44% | 20% |
| Kolkata | 2,107 | 3,707 | 3,975 | 4,069 | 8% | -20% |
| Total | 99,056 | 96,309 | 83,431 | 88,655 | -2% | -2% |
Source: Knight Frank Research
Gulam Zia, Senior Executive Director, Research, Advisory, Infrastructure and Valuation, Knight Frank India, said, “Mumbai’s residential market continues to drive residential sales recording the highest sales volume in India at 24,706 units, the market is primarily driven by end-users committed to premiumization. The 7% year-on-year price appreciation underscores the steady demand.”
Office Market Highlights of Mumbai (Q3 2025)
Despite a pronounced base effect from Q3 2024, Mumbai’s office market average transacted rents grew by a healthy 11% YoY, reflecting sustained demand for premium Grade A spaces across the city’s key business districts. This is the thirteenth consecutive quarter where year-on-year rent growth has been stable or positive for Mumbai.
Average rent growth across markets during Q3 2025
| Market | YoY Change | QoQ Change |
| Kolkata | 14% | 5% |
| Mumbai | 11% | 0% |
| NCR | 9% | 2% |
| Hyderabad | 9% | 1% |
| Bengaluru | 6% | 1% |
| Ahmedabad | 5% | 0% |
| Pune | 4% | 1% |
| Chennai | 1% | 1% |
Source: Knight Frank Research
Office transaction volumes for Mumbai stood at 0.18 mn sq m (1.9 mn sq ft) in Q3 2025. While this represents a 27% YoY decline, Mumbai, along with Bengaluru and NCR, accounted for half of the total volumes transacted in India, underscoring its continued relevance as a major commercial hub.
Transactions in mn sq ft
| Market | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q3 2025 YoY Change % | Q3 2025 YTD change % |
| Bengaluru | 4.3 | 12.7 | 5.5 | 4.2 | -21% | 63% |
| Hyderabad | 3.1 | 4 | 1.9 | 2.9 | 33% | 21% |
| Chennai | 2.5 | 1.8 | 3.2 | 2.8 | 9% | 41% |
| NCR | 3.8 | 2.1 | 5.2 | 2.7 | -15% | 12% |
| Pune | 1 | 3.7 | 1.4 | 2.3 | -9% | 7% |
| Mumbai | 1.9 | 3.5 | 2 | 1.9 | -27% | -12% |
| Kolkata | 0.5 | 0.2 | 1 | 0.5 | 190% | 87% |
| Ahmedabad | 1 | 0.2 | 0.6 | 0.4 | 13% | -41% |
| All cities | 18.2 | 28.2 | 20.7 | 17.8 | -6% | 24% |
Source: Knight Frank Research
The city saw 0.14 mn sq m (1.6 mn sq ft) of new office space delivered during the quarter, marking a significant 94% YoY growth in completions. This substantial delivery comes on the back of development activity lagging transactions consistently since the beginning of 2023.
New completions in mn sq ft
| Market | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q3 2025 YoY Growth % | YTD Change % |
| Bengaluru | 2.3 | 1.1 | 1 | 5.9 | 140% | -21% |
| Hyderabad | 6.4 | 0 0 | 1.4 | 1.6 | -61% | -67% |
| Mumbai | 0.8 | 0.5 | 1.7 | 1.6 | 94% | -25% |
| NCR | 1.6 | 0.2 | 3.9 | 1.5 | 42% | 40% |
| Pune | 0.6 | 3.5 | 5.3 | 1.1 | -60% | 92% |
| Chennai | 1.2 | 0.2 | 0.8 | 0.4 | 1709% | 79% |
| Ahmedabad | 0.8 | 0 | 0.5 | 0.3 | 4% | -60% |
| Kolkata | 0 | 0 | 0 | 0 | – | -100% |
| All cities | 13.7 | 5.5 | 14.6 | 12.4 | 8% | -11% |
Source: Knight Frank Research
Gulam Zia added, “The stability in Mumbai’s commercial sector is undeniable. With average transacted rents growing by a healthy 11% year-on-year, we have now seen thirteen consecutive quarters of stable or positive rental growth. This sustained performance, coupled with a significant 94% surge in new completions, signals a healthy and mature market where demand for high-quality Grade A space remains robust, confirming Mumbai’s status as a premier commercial destination.”
