Housing Sales in Top 9 Indian Cities Decline 4% in Q3 2025, New Launches Flat: Report
Housing sales in India's top nine cities fell by 4% year-on-year in Q3 2025, with new launches remaining largely flat, according to a report by PropEquity. Despite the decline, the report anticipates a pick-up in demand during the festive quarter.
Housing SalesReal EstatePropequityIndian CitiesFestive QuarterReal Estate MumbaiSep 22, 2025
New launches remained largely flat at 92,229 units, marginally below the one-lakh mark and down 10% on a sequential basis. The nine cities tracked in the report are Bengaluru, Chennai, Hyderabad, Mumbai, Navi Mumbai, Pune, Thane, Kolkata, and Delhi-NCR.
The annual drop in sales was largely led by Maharashtra markets — Mumbai, Navi Mumbai, Thane, and Pune — which recorded contractions ranging from 6% to 28%. Pune remained the largest market with 17,762 units sold but posted a 16% fall. Thane saw the sharpest fall at 28%.
Bengaluru, however, emerged as a bright spot, recording 16,840 units sold — a 21% jump YoY — making it the second-largest market. Chennai and Kolkata also saw strong growth of 16% and 25% respectively, while Delhi-NCR and Hyderabad reported modest 4% gains.
On a sequential basis, sales fell by 1%. Delhi-NCR witnessed the steepest quarterly fall of 24%, followed by Thane at 11%, while the other seven cities registered growth.
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 supply side, new launches remained flat year-on-year but fell 10% sequentially. Bengaluru accounted for nearly one-fifth of new supply despite a 10% YoY decline. Chennai, Navi Mumbai, Pune, and Kolkata reported a rise in launches, while Bengaluru, Hyderabad, Mumbai, Thane, and Delhi-NCR recorded contractions.
Delhi-NCR saw the sharpest quarter-on-quarter fall at 31%, followed by Chennai (29%) and Pune (15%). Hyderabad, Kolkata, and Navi Mumbai bucked the trend with sequential growth.
Despite subdued launches, PropEquity expects housing demand to pick up in the festive quarter, driving stronger absorption and improved launch momentum.
Vijay Harsh Jha, founder and CEO of property brokerage firm VS Realtors, said, “NCR continues to show strong sales momentum. Launches have come down significantly owing to the monsoon season as developers wait to launch projects during the festive quarter in anticipation of demand. The GST cut may drive sentiment-induced demand.”
Ramji Subramaniam, managing director of Sowparnika Projects, said, “The surge in Bengaluru’s housing sales reflects the deep confidence buyers have in the city’s real estate potential. Unlike other markets that have seen a dip, Bengaluru continues to stand out, especially as a global city, thanks to its salubrious climate, a cosmopolitan culture that welcomes people from across India and abroad, and strong demand from families seeking a better standard of living, quality education, and access to a leading higher education hub.”
Added to this are the city’s thriving IT and startup ecosystem, infrastructure development such as the Metro, demand for quality homes among young professionals and millennials with significant disposable incomes, and its reputation for offering one of the best work-life balances across all sections. For us as developers, this reaffirms the importance of continuous innovation, uncompromising quality, and delivering homes that meet the aspirations of today’s buyers, he added.
Frequently Asked Questions
What is the current trend in housing sales in India's top cities?
Housing sales in India's top nine cities declined by 4% year-on-year in Q3 2025, according to a report by PropEquity. This marks the 10th consecutive quarter of decline.
Which cities saw the most significant drop in housing sales?
The Maharashtra markets, including Mumbai, Navi Mumbai, Thane, and Pune, saw the most significant drops in housing sales, with Thane recording the sharpest fall at 28%.
How did Bengaluru perform in the housing market?
Bengaluru emerged as a bright spot, recording a 21% jump in housing sales year-on-year, making it the second-largest market.
What is the outlook for the housing market in the festive quarter?
PropEquity expects housing demand to pick up in the festive quarter, driving stronger absorption and improved launch momentum, despite the current subdued launches.
What factors are driving the housing market in Bengaluru?
Bengaluru's housing market is driven by its salubrious climate, cosmopolitan culture, strong demand from families seeking a better standard of living, quality education, and a thriving IT and startup ecosystem.
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