Mumbai’s mid-range homes are quietly gaining ground on the affordable segment

A shift is underway in Mumbai’s housing market, and it isn’t happening at the ultra-luxury end. According to Knight Frank India’s “India Real Estate: Residential and Office (Jan-June 2026)” report, released Thursday, homes priced between Rs 1 crore and Rs 5 crore expanded their share of total sales in the first half of 2026, even as the traditionally dominant sub-Rs 50 lakh segment lost ground.

Flats priced below Rs 50 lakh, mainly concentrated in the Mumbai Metropolitan Region (MMR), declined to a 36% share of total sales, down from 40% a year earlier. Meanwhile, homes costing between Rs 1 crore and Rs 2 crore, and between Rs 2 crore and Rs 5 crore, both expanded their share, alongside incremental gains in higher ticket-size categories above Rs 5 crore.

Despite that shift, sub-Rs 50 lakh homes still moved in large volumes: 17,148 such flats were sold in H1 2026. By contrast, ultra-luxury apartments above Rs 50 crore saw just 23 units sold in the same period, with sales in that category actually declining 32% year-on-year. Apartments between Rs 20 crore and Rs 50 crore fared far better, with sales rising 73% year-on-year to 214 units — the strongest growth of any housing category in the city.

Gulam Zia, international partner and senior executive director at Knight Frank India, said Mumbai’s residential market continues to be supported by strong end-user demand and sustained infrastructure investment. “While premium housing has accounted for a significant share of new launches in recent years, demand for mid-income and affordable homes remains substantial,” he said, adding that a more balanced supply mix would be important for the city’s long-term market growth.