Housing Sales Drop for 10th Consecutive Quarter in Q3 2025, Mumbai Region Hit Hardest
India’s housing market witnessed a 4% decline in sales across the top nine cities in the July-September quarter, with the Maharashtra region, including Mumbai, experiencing the most significant contraction.
Housing MarketReal EstatePropequitySales DeclineMaharashtraReal Estate NewsSep 22, 2025
These top nine cities are: Bengaluru, Chennai, Hyderabad, Mumbai, Navi Mumbai, Pune, Thane, Kolkata, and Delhi-NCR. 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 nine 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. However, Bengaluru, Chennai, and Kolkata 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 nine cities fell marginally by 1% with only Delhi-NCR (24%) and Thane (11%) seeing a drop. The other seven cities witnessed a rise.
Housing Market Remains “Healthy” Even as New Launches Shrink
Samir Jasuja, Founder and CEO of PropEquity, commented, “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.”
Housing Market Performance on the Supply Front
On the new housing supply front, the report noted that new launches in India’s top nine cities remained flat YoY, staying below the 1 lakh unit mark at 92,229 units in Q3 2025. Jasuja observed, “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, with 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. Hyderabad, Kolkata, and Navi Mumbai saw a rise of 14%, 24%, and 6%, respectively.
Frequently Asked Questions
Which cities saw the most significant decline in housing sales?
The Maharashtra region, including Mumbai, Navi Mumbai, Thane, and Pune, saw the most significant decline in housing sales, with contractions ranging from 6% to 28%.
What is the current state of new housing launches in India?
New housing launches in India’s top nine cities remained flat year-over-year, staying below the 1 lakh unit mark at 92,229 units in Q3 2025.
Why does PropEquity believe the housing market remains healthy despite the decline in new launches?
PropEquity believes the housing market remains healthy because sales continue to be higher than new launches, indicating strong demand and absorption rates.
Which cities saw an increase in housing sales in Q3 2025?
Bengaluru, Chennai, Kolkata, Delhi-NCR, and Hyderabad saw an increase in housing sales in Q3 2025, with notable rises of 21%, 16%, 25%, 4%, and 4%, respectively.
What are the expectations 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 higher absorption levels.
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