Mumbai and Pune have long been the stars of Maharashtra's real estate. They lead the way. But things are changing.
Mumbai: Mumbai is competing with some big cities worldwide. This is happening because wealthy people want bigger, better homes. They care about health, privacy, and good amenities now. Property registrations in Mumbai have gone up. Stamp duty revenue has seen a big jump. This shows people are buying high-value homes. Property rates increased in areas like Bandra West and Lower Parel between 2021 and 2025. This is driven by limited land and new lifestyles. After the pandemic, huge infrastructure projects were started. Think Coastal Road and the Trans-Harbour Link. More rich people from India and abroad are buying here.
However, the overall housing sales in Mumbai Metropolitan Region (MMR) saw a dip in early 2025. Sales dropped by 34% compared to the same time last year. New projects also launched much less. About 96% of homes sold in MMR were under 5 crore. Buyers upgrading their homes are pushing the luxury segment. Most sales are still happening in the 50 lakh to 2 crore range. This shows the market is still very broad. Buyers upgrading their homes make up a big part of sales, around 48%. First-time buyers are mostly looking at homes under 1 crore.
Pune: Pune's real estate market is also seeing shifts. It continues to be a very important city. Especially for office spaces. Global Capability Centers (GCCs), which are like big tech hubs for global companies, are taking up a lot of space. These companies are expanding fast. This demand for office space is strong. It pushed up commercial rentals a little.
But on the housing side, property registrations in Pune stayed pretty flat in April 2025. They went up by just 1% compared to last year. Stamp duty collections actually dropped a bit. This is partly because March, the end of the financial year, usually sees a rush of registrations for tax reasons. April then slows down. Still, most property registrations in Pune are for homes under 1 crore. This means affordable and mid-segment homes are still in demand. Demand for bigger apartments is also strong. People want more space after the pandemic. Important locations in Pune include Haveli Taluka, Pimpri Chinchwad Municipal Corporation (PCMC), and Pune Municipal Corporation (PMC).
Pune is also leading India's industrial real estate market. It has beaten places like Delhi NCR and Mumbai. This is because Pune is close to Mumbai's ports. But it avoids Mumbai's heavy traffic. Better roads and highways help freight move easily. The government also supports industrial growth here. Pune has many different industries, like automotive and electronics. This makes its market stable. Areas like Chakan-Shirwal, Dighi-Talegaon, and Hinjawadi-Pimpri are seeing a lot of new development.
Rise of Tier 2 Cities: Nagpur, Nashik, Aurangabad
Smaller cities in Maharashtra are also developing. These are called the "Tier 2" cities. They are becoming new growth centers.
Nagpur: Nagpur has a strategic location. Big infrastructure projects are helping a lot. The Metro Line expansion makes areas more accessible. This makes property in Nagpur very attractive. Prices are still affordable compared to Mumbai and Pune. This means good returns for investors later.
Projects like MIHAN (Multi-modal International Cargo Hub and Airport) bring more jobs. The government is also very supportive. It has RERA and PMAY schemes. These make investing safe and easy. Areas around Metro stations, like Jamtha, Samruddhi Nagpur, Hingna, Besa, and Wadi, are expected to see big growth. They are hot spots for property investment in 2025.
Nashik: Nashik is located between Mumbai and Pune. This gives it a special advantage. Road and air links are getting better. Nashik's industries, IT sector, and education system are expanding. This creates a ripple effect. It boosts the real estate market.
Nashik is more affordable than in Mumbai or Pune. This makes them good for investment. Developers are building well-designed spaces. They offer modern amenities. Government plans and new infrastructure projects are making Nashik's real estate future bright. Nashik saw one of the smallest declines in housing supply among Tier 2 cities in early 2025. This shows its market is quite strong.
Aurangabad: Aurangabad has changed a lot. It's seeing over 30,000 crore in infrastructure projects. Aurangabad will soon become a modern urban center. AURIC (Aurangabad Industrial City) is a major project. It's a greenfield industrial smart city. These developments will help in creating jobs. Also, people will invest more in the city. Siemens is even building a metro train manufacturing facility here. Waluj MIDC is also expanding.
These projects improve connectivity. They boost industrial growth. They make life better for residents. Smart City Mission projects are also making roads and traffic management better. The doubling of the Aurangabad-Parbhani rail line will improve train travel. All these efforts make Aurangabad attractive.
Government's Role-
The Maharashtra government plays a big part in these trends. It wants to make housing available for everyone.
- New Housing Policy 2025: The government introduced the "Majhe Ghar, Majha Adhikar" (My Home, My Right) policy in May 2025. Its goal is to build 35 lakh (3.5 million) affordable homes by 2030. They aim for 50 lakh homes by 2040. This policy focuses on common people. It aims to improve the living conditions of weaker sections, low-income groups, senior citizens, women, industrial workers, and students.
- Big Investment: The government plans to spend around 70,000 crore on this housing program. A special "Maha Aawas Fund" of 20,000 crore will help.
- Slum Rehabilitation: The policy pushes for slum rehabilitation. It uses public-private partnerships. The goal is to make cities slum-free.
- Land Allocation: The policy uses government land for housing. This helps deal with land shortages, especially in big cities. They plan a land bank by 2026.
- Walk-to-Work Model: It promotes building homes near workplaces, especially industrial zones. Around 10-30% of land in MIDC areas will be for residential use. This reduces travel time for workers.
- Rental Housing: The policy also helps working women and students with rental housing. Industrial workers might even get ownership of rental homes after 10 years.
- Senior Living: Stamp duty for senior living housing buyers is cut to just 1,000. Property tax rebates are also offered.
- Easy Approvals: A single-window clearance system is being introduced. This means faster project approvals. They are changing old laws to make things smoother.
- Sustainability: The policy focuses on green housing. It wants climate-resilient buildings. This means using eco-friendly materials.
This new policy shows Maharashtra's strong commitment. It wants to solve housing problems.&nbs;
What It All Means?
The real estate market in Maharashtra is no longer limited. Its scope has increased.
- Diversified Growth: We see growth spreading. Tier 2 cities are becoming important. This will ensure equitable distribution of resources across the state.
- Affordability Focus: The government is serious about affordable housing. This helps many people.
- Infrastructure: Industrial zones are improving the property value. Especially in new areas.
- Mixed Demand: There's demand for luxury homes in big cities. But the need for affordable and mid-segment homes is still strong across the state.
- Buyer Confidence: New policies and transparency (like RERA) are making buyers feel more secure.
Overall, 2025 is a time of change and opportunity for Maharashtra's real estate. It shows a move towards more balanced growth. It aims to make housing accessible to more people.
