2025 Sees Decline in Housing Sales in Top 7 Indian Cities, Except Chennai
India's real estate sector faced significant challenges in 2025, with sales struggles affecting most developers. The sector was hit by factors such as rising property prices, layoffs in the IT sector, geopolitical tensions, and other uncertainties. According to data from ANAROCK Research, housing sales in the top 7 cities in India saw a 14% decline, with approximately 395,625 units sold in 2025 compared to 459,645 units in 2024.
Mumbai Metropolitan Region (MMR) recorded the highest sales, with approximately 127,875 units sold, marking an 18% yearly decline. Pune followed with about 65,135 units sold, a 20% year-on-year (y-o-y) decline. Together, these two western markets accounted for 49% of the overall residential sales in 2025.
Chennai was the only city to see an increase in sales, with a 15% y-o-y growth. However, sales declined in the other six major markets. Hyderabad saw a 23% decline, Pune a 20% decline, and MMR an 18% decline. Annually, unsold inventory in the top 7 cities increased by 4% by the end of 2025, primarily due to reduced demand and increased new supply. Approximately 5.77 lakh units are currently available on the primary sales market in these cities, with Bengaluru recording a significant 23% increase in unsold inventory.
2025 has been a year of broad-spectrum upheaval, including geopolitical turmoil, layoffs in the IT sector, tariff tensions, and other uncertainties, according to Anuj Puri, Chairman of ANAROCK Group. Despite the challenges, the sector saw sale volumes stabilize at around 4 lakh units across the top 7 cities, with a growth in overall sales value. The data shows that more than 21% of the new supply was launched in the price bracket above Rs 2.5 crore, compared to 18% in 2024.
Prices in the top 7 cities collectively rose by 8% annually. NCR saw the highest price appreciation at 23%, largely due to a higher new supply of pricier homes. Other major cities recorded single-digit price appreciation, ranging from 4-9% in 2025, down from 13-27% in 2024. Of NCR's total new supply of 61,775 units during the year, over 55% were priced over Rs 2.5 crore. This constant rise in property prices and better demand for luxury apartments led to a 6% yearly increase in the overall sales value of housing units, from Rs 5.68 lakh crore in 2024 to over Rs 6 lakh crore in 2025.
The share of new supply of homes priced more than Rs 2.5 crore in the top 7 cities increased to 21% in 2025, up from 18% in 2024. New launches in the top 7 cities saw a 2% annual increase, from 412,520 units in 2024 to 419,170 units in 2025. MMR and Bengaluru saw the maximum new launches, together accounting for almost 48% of the new supply in the year.
