Overview

• Mumbai sold 24,706 homes in Q3 2025, up 2% year on year, while Delhi-NCR recorded the steepest residential price gain at 19%.
• Average office rents rose further, up 11% in Mumbai and 9% in the NCR, reflecting sustained demand for premium Grade A space.
• Mumbai’s office transactions fell 27% year on year to 0.18 million sq m even as Mumbai, Bengaluru and the NCR together comprised half of national volumes.
• Office supply ramped up, with Mumbai delivering 1.6 million sq ft of completions (+94% YoY) and the NCR adding 1.5 million sq ft (+42%).
• Developers curtailed new housing launches in Mumbai by 19% to 19,145 units as they prioritized capital preservation and execution, with buyers gravitating to larger, near-ready homes.