Housing Sales Dip 9% Y-o-Y in Top 7 Cities, but Total Sales Value Rises 14%
Housing sales in the top seven cities fell by 9% year-on-year due to affordability pressures and rising costs, but the total sales value increased by 14%. Luxury homes dominated new supply at 38%, while affordable housing made up just 16%.
Housing SalesReal EstateLuxury HomesAffordable HousingMarket TrendsReal Estate NewsSep 25, 2025
Annual housing sales declined by 9% in the top seven cities, with 97,080 units sold in Q3 2025 against 107,060 units in Q3 2024. However, sales continued to outstrip new supply in the quarter, reflecting continued market health, the report showed.
Notably, despite a dip in overall sales volume, the total sales value in the period rose by 14% - from approximately ₹1.33 lakh crore in Q3 2024 to approximately ₹1.52 lakh crore in Q3 2025. This suggests high volume sales in the luxury and ultra-luxury segments, it noted.
The Mumbai Metropolitan Region (MMR) led the market with about 30,260 units sold, followed by Pune with roughly 16,620 units. Together, these two cities contributed 48% of total housing sales in the quarter. MMR also topped new supply with around 29,565 units launched, followed by Pune with 19,375 units, it said.
Luxury housing (priced above ₹1.5 crore) dominated new supply, accounting for the highest share at 38%, while affordable housing had the lowest share at 16%.
Average residential prices across the top seven cities grew by 9% year-on-year in Q3 2025. NCR saw the highest annual price increase at 24%, followed by Bengaluru at 10%, while the remaining cities recorded single-digit growth.
The real estate sector faces headwinds in affordability, costs, and uneven demand across markets. Despite the monsoons and the perceived inauspicious 'shraad' period, housing sales in Q3 rose 1% quarterly. Overall, the housing market is so far reasonably steady in 2025, with expectations for a festive boost ahead for which developers have several projects lined up, said Anuj Puri, chairman, ANAROCK Group.
The impact, if any, of the new H1-B visa norms announced by the US on the Indian residential market bears close monitoring. While housing affordability remains a challenge across cities for many buyers, price growth has tapered down moderately compared to the previous few years, when we saw double-digit yearly growth in the top seven cities, he added.
Among the top seven cities, MMR recorded the highest sales of approximately 30,260 units, followed by Pune with approximately 16,620 units. Cumulatively, the two western cities accounted for 48% of the total sales in the top seven cities in Q3 2025. All top cities individually recorded a dip in yearly housing sales - except Chennai and Kolkata, which witnessed 33% and 4% yearly jumps, respectively.
In terms of budget segments, the more than ₹1.5 crore luxury housing category witnessed the highest new supply of 38%, followed by the premium (₹80 lakh – ₹1.5 crore) segment with a 24% share. The mid-segment (₹40–80 lakh) contributed a 23% share of the total new supply in the quarter, while the affordable segment's share was the lowest at 16%, the report noted.
NCR saw a 11% yearly drop in new launches, with approximately 12,645 units added in Q3 2025. On a quarterly basis, the market saw a 33% decline compared to Q2 2025. A massive 70% of the new supply in the quarter was added in the luxury segment (₹1.5 crore).
Bengaluru added approximately 15,190 units in Q3 2025 - a yearly decline of 5% and a 1% quarterly drop. Approximately 79% of the new supply was added in the ₹80 lakh to ₹2.5 crore budget segment, the report said.
Available housing inventory saw only a marginal yearly decline in the top seven cities from approximately 5,64,415 lakh units by Q3 2024-end to approximately 5,61,756 lakh units by Q3 2025-end.
Frequently Asked Questions
What was the overall trend in housing sales in Q3 2025?
Housing sales in the top seven cities fell by 9% year-on-year in Q3 2025 due to affordability pressures and rising costs.
How did the total sales value perform in Q3 2025?
Despite the drop in sales volume, the total sales value increased by 14% from ₹1.33 lakh crore in Q3 2024 to ₹1.52 lakh crore in Q3 2025.
Which cities led in housing sales and new supply?
The Mumbai Metropolitan Region (MMR) led in both housing sales and new supply, followed by Pune. Together, they contributed 48% of total housing sales in the quarter.
What segments dominated the new supply in Q3 2025?
Luxury housing (priced above ₹1.5 crore) dominated new supply at 38%, while affordable housing had the lowest share at 16%.
What were the price trends in the top seven cities?
Average residential prices across the top seven cities grew by 9% year-on-year in Q3 2025, with NCR seeing the highest increase at 24%.
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