Housing Sales Decline in Top 8 Cities: Q3 2023 Report
India's top eight housing markets saw a 1% decline in sales during the July-September quarter, primarily due to decreased demand in Mumbai, Pune, and Delhi-NCR. However, Bengaluru, Hyderabad, Chennai, and Kolkata witnessed growth.
Housing SalesReal EstateIndian Residential MarketProperty ValueMarket TrendsReal Estate NewsOct 15, 2025
PropTiger, recently acquired by listed entity Aurum PropTech Ltd, released its data for the July-September quarter, highlighting the performance of India's primary housing markets. Despite the decline in sales volume, the total value of properties sold surged by 14% annually to Rs 1.52 lakh crore.
Commenting on the data, Aurum PropTech Executive Director Onkar Shetye noted, 'The Indian residential market is transitioning from a broad-based, volume-led recovery to a more mature and sustainable phase of value-driven growth.' The resilience of the premium segment, supported by stable macroeconomic fundamentals and strong buyer sentiment, is a significant factor in this transition.
Among the eight cities, housing sales in the Mumbai Metropolitan Region (MMR) saw the most significant drop, falling 22% to 23,334 units from 30,010 units in the year-ago period. Pune also experienced a decline of 28% to 12,990 units from 18,004 units, while sales in Delhi-NCR decreased by 21% to 7,961 units from 10,098 units. Ahmedabad saw a moderate 5% dip in sales to 8,889 units from 9,352 units.
However, several cities witnessed an increase in sales. Bengaluru saw a rise of 18% to 13,124 units from 11,160 units. Chennai's sales more than doubled to 7,862 units from 3,560 units. In Hyderabad, housing sales increased by 53% to 17,658 units from 11,564 units. Lastly, Kolkata's sales of residential properties increased by 33% to 3,729 units from 2,796 units in the same period last year.
Looking ahead, Shetye expressed optimism about the upcoming festive quarter, which will serve as a key indicator of consumer demand. 'Favourable conditions, such as stability in interest rates and proactive policy reforms like the recent GST reduction on cement, have provided a crucial buffer against rising input costs and bolstered developer confidence,' he stated. However, the market's ability to balance this growth momentum with emerging affordability challenges, particularly in the mid and entry-level segments, will be a true test.
The report also highlighted that new supply across these top eight cities saw a 5% annual decline at 87,179 units during the latest September quarter. Aurum PropTech, which owns and operates a rental marketplace NestAway Technologies, data analytics firm Aurum Analytica, sales automation platform Sell.do, and housing brokerage firm PropTiger, continues to play a significant role in the Indian real estate market.
Frequently Asked Questions
Which cities saw the most significant decline in housing sales?
Mumbai, Pune, and Delhi-NCR experienced the most significant decline in housing sales during the July-September quarter.
What factors contributed to the decline in housing sales?
High prices and reduced supply in key cities like Mumbai, Pune, and Delhi-NCR were the main factors contributing to the decline in housing sales.
Which cities saw an increase in housing sales?
Bengaluru, Hyderabad, Chennai, and Kolkata saw an increase in housing sales during the July-September quarter.
What is the outlook for the upcoming festive quarter?
The outlook for the upcoming festive quarter is optimistic, with stability in interest rates and proactive policy reforms providing a crucial buffer against rising input costs and bolstering developer confidence.
What is the current trend in new housing supply?
New housing supply across the top eight cities saw a 5% annual decline to 87,179 units during the latest September quarter.
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