Housing Sales in MMR and Pune Drop 30% Amid Price Surge
Housing sales in the Mumbai Metropolitan Region (MMR) and Pune have declined by 30% to 41,901 units in the April-June period of 2023, primarily due to a significant increase in property prices. This drop is part of a broader trend affecting India's primary residential markets.
Housing SalesReal EstateMmrPuneProperty PricesReal Estate PuneJul 14, 2025
On Monday, housing brokerage firm PropTiger released the data, which showed that sales in India's eight primary residential markets fell by 14% to 97,674 units during April-June this year, from 113,768 units in the corresponding period of the preceding year. Sridhar Srinivasan, Head of Sales at PropTiger.com, commented that the short-term dip in home sales and new launches is more of a recalibration than a sign of waning demand. He noted that affordability pressures, particularly in the budget and mid-income segments, have led to some cautious buyer sentiment. However, Srinivasan emphasized that the underlying demand remains intact.
The housing sales in MMR alone declined by 32% to 25,939 units, from 38,266 units in the previous year. Pune saw a 27% fall in sales to 15,962 units, from 21,925 units. In Ahmedabad, housing sales fell by 1% to 9,451 units, from 9,500 units. Delhi-NCR experienced a 9% drop in sales to 10,051 units, from 11,065 units, while Hyderabad witnessed a 6% decline to 11,513 units from 12,296 units.
However, there were some positive trends in other cities. Sales in Bengaluru increased by 16% to 15,628 units, from 13,495 units. Housing sales in Chennai also rose by 33% to 5,283 units, from 3,984 units. Sales of residential properties in Kolkata increased by 19% to 3,847 units in April-June this year, from 3,237 units in the year-ago period.
The data pertains to the primary housing markets of these eight cities. Delhi-NCR includes Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad. The MMR market includes Mumbai, Navi Mumbai, and Thane. PropTiger is part of REA India, which owns Housing.com, a leading real estate classifieds platform.
Despite the overall decline in sales, the real estate market continues to show resilience. The increase in property prices, while challenging for buyers, reflects a strong underlying demand for housing. Developers and policymakers are now focusing on strategies to address affordability issues and maintain market stability.
Frequently Asked Questions
What caused the decline in housing sales in MMR and Pune?
The decline in housing sales in MMR and Pune is primarily due to a significant increase in property prices, which has made it more difficult for buyers, especially in the budget and mid-income segments, to afford homes.
Which cities saw an increase in housing sales?
Bengaluru, Chennai, and Kolkata saw an increase in housing sales. Bengaluru's sales increased by 16%, Chennai's by 33%, and Kolkata's by 19%.
How significant was the overall decline in India's primary residential markets?
India's primary residential markets experienced a 14% decline in housing sales, with sales falling to 97,674 units during April-June 2023 from 113,768 units in the same period last year.
What is the MMR market, and which cities does it include?
The MMR market, or Mumbai Metropolitan Region, includes Mumbai, Navi Mumbai, and Thane. It is one of the most important property markets in Maharashtra.
What is PropTiger's role in the real estate market?
PropTiger is a housing brokerage firm that is part of REA India, which owns Housing.com, a leading real estate classifieds platform. PropTiger provides data and insights into the real estate market to help buyers and sellers make informed decisions.
Related News Articles
Hardik Pandya's Net Worth: A Closer Look at His Wealth and Assets
From his lucrative IPL contracts to his impressive real estate portfolio
Boosting Realty Affordability: Experts Call for Policy Shifts and Infra Improvements
Industry experts emphasize the need for policy changes and infrastructure development to address affordability issues in the real estate market.
Pune's Real Estate Empire: Minor's Father in Custody Over Cheating Case
A Pune court has allowed the police to take custody of the father of the minor accused in the Porsche crash case, in a cheating case registered against him at Kondhwa police station.
Revolutionizing Traffic Management: Pune Police, PMC, and Google Collaborate to Improve Road Infrastructure
Pune takes a significant step towards reducing traffic congestion and travel time with the collaboration of Pune Police, PMC, and Google on 32 main roads.
New Developments in Rs 100 Crore Real Estate Investment Fraud
Prospect Realty, a firm registered before the sub-registrar of Salcete, Margao, is at the center of a massive Rs 100 crore investment fraud. The firm, engaged in the real estate business, has been accused of misleading investors with false promises. Myron
Maharashtra Government to Mandate Precast Construction for Mumbai Real Estate
The Maharashtra government is working on a policy to make precast construction mandatory for real estate projects in Mumbai, aiming to streamline construction processes and enhance building quality.