Mumbai’s residential developers are dialing back plans for ultra-luxury projects after a sharp slowdown in high-end sales and a rise in demand for smaller ticket homes. Market sources told Moneycontrol that transactions in some marquee schemes have fallen by as much as half, prompting builders to redirect capital toward units priced below Rs 10 crore. Data from Anarock show new launches in the Mumbai metropolitan region fell 36% year-on-year to 28,165 units in the April-to-June quarter. Nearly 59% of those homes were priced under Rs 80 lakh, while just 8% were above Rs 2.5 crore. Knight Frank India added that registrations for properties costing Rs 1-2 crore climbed to 33% of the total in June, whereas deals above Rs 5 crore remained stuck at 6%. The pivot is reflected in corporate strategy. Raymond Realty, demerged from Raymond Ltd. this week, will concentrate on what chairman Gautam Singhania calls “affordable luxury,” largely in Mumbai and, later, Pune. Other developers, including Kalpataru and Adani Realty, are also lining up mid-segment launches. Executives cite a 50-basis-point cut in the Reserve Bank of India’s policy rate and broader stock-market volatility for pushing buyers toward lower-priced homes. While ratings agency Crisil forecasts that premium and luxury demand will pick up nationally in fiscal 2026, Mumbai builders say near-term profitability depends on capturing the broader middle of the market as inventories of top-end apartments grow.