The Mumbai real estate market, an cornerstone or the economic landscape of India, is sailing through a complex phase in 2025. Despite concerns about excessive and slow demand in certain pockets, Bomani, president and managing director of Kealors), Rustystone Raltons) Metropolitan Region (MMR).
In a recent interview, Irani shared his ideas on market performance, the impact of infrastructure developments and the challenges facing affordable homes. This article explores its perspective, offering real estate trends of deep diving mmrs and what is coming for developers and housing buyers.
A resistant market with constant demand
The Mumbai real estate market has shown resilience despite a slight fall in properties records. In February 2025, the city registered 11,820 records, below 12,055 in February 2024, a 7% decrease attributed to two business days less.
However, Irani argues that this fall is misleading. When they are extrapolated for a full month, the records would have reached approximately 12,647, samples of the figures last year. Moreoover, the total value of the records increased to ₹ 9,918 million rupees in February 2025, compared to ₹ 8,885 million rupees the previous year, indicating higher properties values and a solid demand for premium housing.
The residential properties represented 80% of these records, with larger apartments (1,000-2000 square feet) when seeing a dramatic increase in demand, which increases from 8% to 13% of the market share. On the contrary, the smallest units (below 500 square feet) fell from 48% to 38%, highlighting a change towards spacious and aspirational houses in the exclusive areas of MMR. Irani attributes this trend to two factors: lack of new supply of affordable housing and the twin of developers to premium projects of greater margin.
Infrastructure: A catalyst for growth
Irani is particularly enthusiastic about MMRs infrastructure advances, which believes that it will boost real estate growth. Navi Mumbai International Airport, ready to start operations in May 2025, is a game change. With its first commercial flight already landed, the airport is expected to create 50,000 direct jobs and, by estimation of Irani, up to 300,000 indirect jobs, which increases the demand for housing in peripheral areas Mumbai, Vasai and Dombivla.
Other projects, such as the coastal road that extends from verse to Kandivali and the next port developments, are improving connectivity through MMR. South Mumbai, long stagnant with a new minimum development, is now attracting attention.
Developers such as Keystone are considering redevelopment projects for buildings about 50, offering residents modern lifestyles and rejuvenated structures. Areas such as Chembur, well connected and increasingly popular, are also witnessing an increase in buyer’s interest.
Irani accredits the impulse of infrastructure of the Government of Maharashtra, led by Prime Minister Devendra Fadnavis, to create “favorable winds” for development. The western belt, from verse to Bandra, is emerging as a preferred location, with a potential growth that extends to Borivali as it improves connectivity. These developments not only open new micro-markets, but also guarantee that MMR Remines Remoins the financial power of India.
The affordable housing enigma
While luxury and medium mass segments thrive, affordable housing faces significant challenges. Irani highlights a bottleneck on the supply side, driven by high government premiums and the lack of benefits of goods and services (GST) for projects that are set below ₹ 45 Lakh. “If I am paying super heavy cousins and not obtaining advantages of GST, the developers who work in a cost-masks model won to find affordable homes,” he explains.
This has led many developers to leave the affordable segment, reducing the supply and pushing buyers towards more expensive options. Irani points out that the price range of ₹ 3–7 million rupees, particularly around ₹ 5–5.5 million rupees, has become the “optimal point” for Mumbai buyers looking for well -located houses with modern comforts, good schools, hospitals and entertainment options. Areas such as Bandra, Chembur and Western Belt are seeing a strong demand for such properties.
To address this, Iranian advocates the support of the government, such as reduced premiums and revised GST policies, so that affordable housing is attractive to developers. Keystone has ventured in this space with a project in Dombivli, hepilating the connectivity of the area with Thane and the broader MMR metropolitan network. Irani believes that the Bombay-Dombivlii-Thane triangle, reinforced by Bhiwandi’s growth as a logistics center, will emerge as a new growth center, offering opportunities for affordable housing and medium mass.
Dynamics of supply and demand
Concerns about an “atrocious” supply of new projects in Mumbai over the next 24 months are exaggerated, according to Irani. He points out that the new releases are real initials, with many projects announced even in the planning or focus stages.
“Many ties and public notices appear in the newspapers, but until the thesis becomes a reality, the market is still balanced,” he says. This suggests that fears of excess supply can be premature, particularly because the demand for premium houses and medium mass remains stable.
However, Irani acknowledges that certain pockets can face an excess offer, partly in areas with concentrated luxury developments. Developers are responding with flexible payment plans, such as purchase and payment schemes, to stimulate demand. Housing buyers, in turn, have more space to negotiate, especially as developers face cash and financial pressures at the end of the year.
Costs of costs and industry changes
The increase in input costs is a group for the industry, with an increase in construction costs by 5-7% per year due to inflationary pressures. However, the greatest challenge is the availability of work. With the workers who move to other industries, the real estate sector is the second largest employer of labor of category three and four.
To address this, developers are adopting mechanized solutions, such as patios prior to the condition, to build faster houses with less dependence on manual work. This change could increase short -term costs, but improve the efficiency of approximately time.
Irani also demands a reduction in premiums, particularly for commercial projects, to make Mumbai more attractive to companies. The appointment of the period after the Covelio when the reduced premiums led to a record of ₹ 15,000 million rupees in the BMC collections, compared to the ₹ 5,000 million usual rupees, demonstrating that the lowest premiums can increase both and the affordability.
Beyond MMR: a strategic expansion
While MMR is still the main approach of Keystone, Irani is open to explore opportunities in nearby regions such as Pune, Nagpur and Nashik. The Mumbai-Pune belt, in particular, is attractive to the developments of the second house, which could make the transition to primary residences in 15 years as the infrastructure improves. Irani sees land investments in these areas as a prudent strategy, offering high yields for investors.
The Keystone portfolio covers affordable homes from ₹ 50 Lakh to ultra luxurious assets Horte ₹ 100 million rupees, which allows the company to serve various market segments. This flexibility, combined with an approach to the re-relocation-16 of the 19 Keystone projects since it was made public in 2022, are positions centered on the re-urbanization of the company as market leader in MMR.
Perspective for 2025
Irani is optimistic in Keystone’s performance, pointing to ₹ 4000 million rupees in presales for fiscal year 26, based on a strong FY25 where the company exceeded its guide of ₹ 3,000 million rupees. With a portfolio of projects worth ₹ 16,000 million rupees and an focus on medium and aspirational mass segments, Keystone is well placed for growth.
For housing buyers, the message is clear: focusing on well-located properties with strong developer credentials, negotiating wisely and considering micro-mercies such as Dombivli and South Mumbai. For developers, the balance of supply, cost management and lawyer of policy reforms will prosper in the MMR dynamic market.
The Mumbai real estate sector, driven by infrastructure and demand for quality housing, is established for constant growth in 2025. As Iraní says, “MMR is a deep and broad fantastic market,