Mumbai Region and Pune See 17% Dip in Housing Sales for Q3 2023
Housing sales in Mumbai region and Pune declined by 17% in Q3 2023 compared to Q3 2022, dropping to 49,542 units from 59,816 units. Thane saw the steepest decline of 28%, while Mumbai city, Navi Mumbai, and Pune experienced drops of 8%, 6%, and 16% respectively. Factors contributing to the downturn include market recalibration, high base effects from the previous year, and sharp price increases. Despite the current slump, industry experts anticipate a potential recovery during the upcoming festive season and remain optimistic about long-term growth prospects due to ongoing infrastructure developments.

*this image is generated using AI for illustrative purposes only.
The real estate market in the Mumbai region and Pune has experienced a significant downturn in the third quarter of 2023, with housing sales declining by 17% compared to the same period last year. This drop in sales highlights the challenges faced by the sector amid rising property prices and changing market dynamics.
Key Highlights
- Overall sales in Mumbai region and Pune dropped to 49,542 units, down from 59,816 units in Q3 2022
- Thane witnessed the steepest decline of 28%, with sales falling to 14,877 units
- Mumbai city and Navi Mumbai saw sales declines of 8% and 6% respectively
- Pune's housing sales decreased by 16% to 17,762 units
Regional Breakdown
The impact of the sales decline was felt unevenly across different areas:
Region | Sales Units | Year-on-Year Change |
---|---|---|
Thane | 14,877 | -28% |
Mumbai City | 9,691 | -8% |
Navi Mumbai | 7,212 | -6% |
Pune | 17,762 | -16% |
Factors Influencing the Decline
Industry experts from CREDAI-MCHI attribute this downturn to several factors:
- Market Recalibration: The real estate market is undergoing a period of adjustment, which is reflected in the sales figures.
- High Base Effects: The comparison with strong sales numbers from the previous year has contributed to the apparent decline.
- Sharp Price Increases: Rising property prices have dampened demand in these regions.
Future Outlook
Despite the current slump, CREDAI-MCHI representatives remain optimistic about the sector's prospects:
- Festive Season Boost: They anticipate a recovery in demand during the upcoming festive season.
- Infrastructure Development: Ongoing projects such as Metro corridors and coastal roads are expected to support long-term growth in the real estate market.
National Context
The slowdown in Mumbai and Pune is part of a broader national trend:
- Housing sales across India's top 9 cities decreased by 4% year-on-year in Q3 2023.
- Total sales in these cities amounted to 100,370 units during this period.
While the real estate sector faces short-term challenges, industry stakeholders remain confident in its resilience and long-term growth potential. The upcoming festive season may provide a litmus test for consumer sentiment and could potentially signal a turnaround in the market.