Mumbai, Thane, Navi Mumbai, and Pune Witness Decline in Housing Sales and Supply in Q2 2025
The real estate markets in Mumbai, Thane, Navi Mumbai, and Pune experienced a significant decline in housing sales and new launches in Q2 2025, as per data from PropEquity. Pune saw a 27% drop in sales and a 40% decline in supply.
Real EstateHousing SalesMarket CorrectionPropequityPuneReal Estate NewsJun 25, 2025
In Mumbai, housing sales dropped by 34% year-on-year to 8,006 units in Q2 2025 from 12,114 units in Q2 2024. New launches also fell sharply by 61% to 4,949 units, compared to 12,610 units in the same quarter last year. This significant decline highlights the challenges faced by the city's real estate market.
The satellite cities of Thane and Navi Mumbai also experienced a downturn. Sales in Thane declined by 34%, while Navi Mumbai saw a 17% drop. New supply fell by 58% in Thane and 56% in Navi Mumbai. These figures indicate a synchronized slowdown across the region.
The Pune real estate market was the third most affected city among the top nine cities in India. Sales fell by 27% in Q2 2025, and supply dipped by 40%, as stated by PropEquity data. This decline is particularly significant given Pune's role as a major economic hub in western India.
In other major cities, the trends varied. Hyderabad’s real estate market saw a 20% decline in sales, even as new supply increased by 19%. Bengaluru, on the other hand, reported a more moderate dip, with sales down 6% and supply falling by 13%.
Eastern India also witnessed a slowdown, with Kolkata experiencing an 8% drop in sales and a significant 35% decline in new launches during the same period. However, not all cities are struggling. Delhi NCR and Chennai recorded positive growth in both sales and supply, according to the data.
Delhi NCR reported a 16% jump year-on-year in sales to 11,703 units in Q2 2025 compared to 10,114 units in Q2 2024. In terms of supply, the same increased by 37% year-on-year in Q2 2025 to 13,823 units from 10,084 units in Q2 2024.
The Chennai real estate market also saw a 9% year-on-year increase in sales in Q2 2025, rising to 5,354 units from 4,927 units in Q2 2024. New supply grew by 6% during the same period, reaching 6,463 units compared to 6,123 units a year earlier.
Housing sales across India’s top nine cities are projected to decline by at least 19% year-on-year in Q2 2025 (April–June), while new supply is expected to fall by 30% during the same period, according to data. Experts attribute the dip in sales to an ongoing market correction, which they expect to persist in the near term. However, activity may rebound during the upcoming festive season.
Samir Jasuja, founder and CEO of PropEquity, explained, “There has been a decline in both sales and supply on a QoQ basis in Mumbai, Bengaluru, and Navi Mumbai as these cities recorded their highs in 2023 and 2024, and are now stabilising to their normal pace. Delhi-NCR has witnessed the maximum growth in this quarter owing to a rise in supply in Ghaziabad and Greater Noida. The rise in Chennai is due to its existing limited supply and relatively smaller real estate market.”
He further added, “After a historical high and prices having risen phenomenally, there is a healthy correction that is happening in many real estate markets. Prices have risen 50-200% between 2021 and 2025, so investors are also backing off. Correction will continue, though things may pick up during the festive season.”
Bhavesh Shah, Joint Managing Director of Today Group, commented on the current market conditions, “There may be a slight dip in certain pockets at the moment either due to the global political scenario or the forthcoming festivities as potential homebuyers will be following a wait and watch period as the festive season in real estate brings in better offers and most importantly the auspicious time to buy one of their dream home or their greatest asset.”
He added, “We feel that the current market conditions are temporary and micro-market specific. Real estate in 2025 will set a new record altogether. We might get surprised by how it shapes up by the end of the financial year 2025-2026 in a more optimal way. We have not witnessed the decline in any of our projects in Navi Mumbai. There has been a steady response across our projects, the reason being the location and the equity we have built over the period of time.”
Frequently Asked Questions
What is the main reason for the decline in housing sales and supply in Mumbai, Thane, Navi Mumbai, and Pune?
The main reasons for the decline in housing sales and supply in these cities include market correction, economic factors, and a slowdown in investor interest due to high price increases over the past few years.
How much did housing sales and supply decline in Mumbai in Q2 2025?
In Q2 2025, housing sales in Mumbai dropped by 34% year-on-year, and new launches fell by 61% compared to the same quarter last year.
Which cities saw positive growth in housing sales and supply in Q2 2025?
Delhi NCR and Chennai were the only major cities to record positive growth in both sales and supply in Q2 2025.
What is the projected decline in housing sales across India’s top nine cities in Q2 2025?
Housing sales across India’s top nine cities are projected to decline by at least 19% year-on-year in Q2 2025, while new supply is expected to fall by 30% during the same period.
What factors could lead to a rebound in the real estate market during the festive season?
The festive season often brings better offers and is considered an auspicious time to buy property, which could attract potential homebuyers and lead to a rebound in the real estate market.
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