Housing Sales Decline for 10th Consecutive Quarter in Q3 2025, Mumbai Region Worst Hit
India's housing market has seen a decline in sales for the tenth straight quarter in Q3 2025, with Mumbai and its surrounding regions experiencing the most significant contraction. Despite the overall decline, some cities like Bengaluru, Chennai, and Kolkata have shown positive growth.
Housing MarketReal EstateMumbaiSales DeclineNew LaunchesReal Estate MumbaiSep 22, 2025
These top nine cities are: Bengaluru, Chennai, Hyderabad, Mumbai, Navi Mumbai, Pune, Thane, Kolkata, and Delhi-NCR. The aggregate number of units sold in these nine cities stood at 1,00,370 units during the quarter under review against 1,05,081 units in the corresponding period a year ago, the PropEquity report showed.
New launches remained flat, coming in below the 1 lakh mark at 92,229 units, declining by 10% on a quarter-over-quarter (Q-o-Q) basis. This sales decline year-over-year (YoY) across the top 9 cities during Q3 2025 was primarily led by the Maharashtra region – including Mumbai, Navi Mumbai, Thane, and Pune – which experienced a contraction ranging from 6% to 28%, the report said.
Bengaluru, Chennai, and Kolkata, however, witnessed a rise of 21%, 16%, and 25%, respectively, in Q3 2025. Delhi-NCR and Hyderabad, too, saw a 4% YoY each rise in sales in Q3 2025. On a Q-o-Q basis, sales in the top 9 cities fell marginally by 1% with only Delhi-NCR (24%) and Thane (11%) seeing a drop. The other seven cities witnessed a rise.
Samir Jasuja, Founder and CEO of PropEquity, said, “The reason why we feel that the housing market remains healthy even though the new launches are coming down consecutively is because the sales continue to be higher than the new launches. We anticipate that 2025 will mirror 2024 with approximately 4 lakh unit launches and approximately 4.5 lakh sales, which is marginally lower than the 2024 numbers.”
On the new housing supply front, the report said that new launches in India’s top nine cities remained flat YoY, remaining below the 1 lakh unit mark at 92,229 units in Q3 2025. Jasuja noted, “While the current quarter has seen subdued activity, we anticipate a rebound in the upcoming quarter due to the festive season, which is expected to drive stronger demand, leading to improved launch momentum and a higher absorption level.”
There is a YoY rise in new launches in Chennai, Navi Mumbai, Pune, and Kolkata, and there is a decline in Bengaluru, Hyderabad, Mumbai, Thane, and Delhi-NCR. However, new supply fell 10% Q-o-Q with a 31% decline in Delhi-NCR, followed by 15% in Pune and 29% in Chennai. However, Hyderabad, Kolkata, and Navi Mumbai saw a rise of 14%, 24%, and 6%.
Frequently Asked Questions
Which cities experienced the most significant decline in housing sales in Q3 2025?
The Maharashtra region, including Mumbai, Navi Mumbai, Thane, and Pune, experienced the most significant decline in housing sales in Q3 2025, with contractions ranging from 6% to 28%.
What is the reason behind the housing market being considered healthy despite the decline in new launches?
The housing market is considered healthy because sales continue to be higher than new launches. PropEquity anticipates that 2025 will see approximately 4 lakh unit launches and 4.5 lakh sales, which is only marginally lower than the 2024 numbers.
Which cities saw an increase in sales in Q3 2025?
Bengaluru, Chennai, and Kolkata saw increases in sales of 21%, 16%, and 25%, respectively, in Q3 2025. Delhi-NCR and Hyderabad also saw a 4% YoY rise in sales.
What is the expected trend for the upcoming quarter in the housing market?
PropEquity anticipates a rebound in the upcoming quarter due to the festive season, which is expected to drive stronger demand, leading to improved launch momentum and a higher absorption level.
What is the current status of new housing launches in the top nine cities?
New launches in the top nine cities remained flat YoY, staying below the 1 lakh unit mark at 92,229 units in Q3 2025. There was a 10% decline Q-o-Q in new launches, with a 31% decline in Delhi-NCR, 15% in Pune, and 29% in Chennai.
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